Singapore analysis from Murat Ülker: Small island, big economy

Businessman Murat Ülker analyzed the country's modernization process, which began in 1819 with the British East India Company, its strategic location, and its economic transformation, based on his visits and observations in Singapore.

Ülker stated that Singapore's history dates back much further than 1819, to the Middle Ages, but that the modern era was shaped by the arrival of Stamford Raffles and William Farquhar on the island. He recalled that the country, which combined its strategic location with free trade policy, faced challenges such as a lack of natural resources and dependence on foreign countries when it gained independence in 1965.

Expressing that the economic success model is built on export-oriented industrialization, foreign investments, and a strong state organization, Ülker shared that the country, whose population reached 6.21 million as of June 2026, realized approximately 1.4 trillion Singapore dollars in trade of goods in 2025.

Evaluation: Despite Singapore's restrictive laws, Ülker argued that the country has a management approach where citizens can object to administrators at the ballot box, citing the 2011 elections as an example, and that the success of the state does not impose an obligation of infinite obedience on the voter.