An independent Scotland could take marketing lessons from Singapore’s business-friendly, trade-dependent economy, the CEO of the world’s largest advertising group told CNBC.
“From a sort of marketing, trade and investment point of view, I think [an independent Scotland] would mirror Singapore,” Sir Martin Sorrell, CEO of WPP, told CNBC on Thursday.
The Southeast Asian city-state is consistently ranked one of the world’s easiest places to do business. It’s also the city with the best investment potential globally, according to the 2014 Business Environment Risk Intelligence (BERI) report.
Cutting the corporate tax rate to attract companies and compete with Ireland’s tax-haven image is a key pillar of the ‘Yes’ campaign, the organization behind the separatist movement.
In late August, more than 200 business leaders signed a letter stating their support for the campaign, saying that “an independent Scotland will recognize entrepreneurs small and large as the real wealth and job creators of the nation’s economic future.” The country already enjoys a high level of foreign direct investment (FDI). In June, Ernst & Young said FDI stood at a sixteen-year high, with the U.S. accounting for nearly 40 percent.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.