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City Guide - Singapore - Business | ||
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Business Business Profile: In 1997, as one nation after another succumbed to the Asian financial crisis, Singapore stood out among its ASEAN (Association of South East Asian Nations) partners to demonstrate the sheer strength of its economy. In 1998, the economy slowed by less than 1% - a feat achieved through focused and sensitively timed policy measures and within the context of one of the tightest regulatory business environments worldwide. The recession came after sustained growth of some 8% a year, but Singapore could not be in a better position to rebuild its economic eminence. The World Economic Forum's Global Competitiveness Report for 1999 ranked Singapore first, for the fourth year in a row, a recommendation backed up by first-class infrastructure and a leading edge in technology and telecommunications. Since achieving independence in 1965, Singapore has transformed itself from a developing economy with a per capita GNP of US$300 into a nation that boasts one of the highest standards of living in the world, with a per capita GNP of 38,170 Singapore Dollars and an unemployment rate of only 3.2%. The financial services sector dominates Singaporean industry in terms of revenue (financial and business services together generate some 29.2% of nominal GDP), followed by manufacturing, commerce, transport, communications and construction. As Singapore is one of the foreign exchange and trading hubs of Asia, all the major international banks are represented here. Other international organisations include 3M, Cable & Wireless, Mitsubishi, Philips, Rhône-Poulenc, Siemens, Sun Microsystems and Unilever. Business Etiquette: English is the official language of business in Singapore, and business is conducted very much on a Western model. However, Asian - and especially Chinese - business ethics do often prevail. Many offices are designed in consultation with a feng shui expert so as to create the most auspicious environment for generating wealth and harmony, and most trading floors feature a goldfish bowl to ensure that money flows in the right direction. Business cards are exchanged on every social and business occasion; and it is common courtesy to give or receive them with two hands. Corporate entertaining is high on the agenda and long lunches are often taken, with lavish buffets a popular option. There are 12 public holidays a year, and over Chinese New Year in February, almost everything shuts down and ex-pats leave for a long weekend away. Business dress is fairly formal. Men's suits may veer towards lighter shades in Singapore's tropical climate and, except for formal meetings, a jacket is usually dispensed with. Women wear skirt or trouser suits, while their Malay colleagues wear their national dress. Some organisations have adopted casual Fridays, although only those departments with no client contact tend to take advantage of this. Locals and ex-pats alike work long hours. The official working day is 0900-1800, but 10 to 12-hour days are quite common. |