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Business Business Profile An obsession with productivity, the high standard of education of its workforce and its location at the heart of ASEAN (Association of Southeast Asian Nations) has made Singapore the most durable economy in the world. In leading surveys during 2002, Singapore has overtaken Hong Kong as the best business centre in Asia. In 2001, it was ranked first in Asia for growth competitiveness by the World Economic Forum, while readers of Business Traveller Asian Pacific placed Singapore ahead of Melbourne and Sydney. It gained a further seal of approval from the presitigous Forbes Magazine, which held the Forbes Global CEO Conference in the city in September 2001. Although productivity growth was lower in the 1990s than in the 1980s, thanks to the Asian financial crisis of 1997, Singapore’s slowdown was far less dramatic than its neighbours. Latest official statistics show that of a workforce of around 2.1 million, 3.8% are unemployed, down from 6% in 2000, which reflects a sound recovery after the previous year’s global downturn in technology. Of this workforce, 26% are employed in manufacturing; 23% in business services; 20% in education, health and social services; 16% in retail trade; 11% in transport and communications; 8% in financial services and 5% in hotels and restaurants. Most economic sectors, especially tourism, suffered the effects of September 11 terrorist attacks, although a slow recovery is in evidence. The Singapore Tourism Board have been strategic in their marketing and pushed their efforts into attracting tourists from China and Australia, rather than nervous USA and Japan. They have also developed Singapore into Asia’s top convention city and the fifth best in the world. In the past few years, the city has seen a sharp rise in visitors coming for incentive programmes, meetings, conventions, corporate incentive trips and exhibitions. The business district lies towards the island’s east and southernmost tip and includes Orchard Road, Brah Basah Road and Raffles Boulevard, near which are the Singapore International Convention and Exhibition Centre, Pan Pacific and Suntec City. Most major international banks are here as well as international organisations like Cable &Wireless, Mitsubishi, Siemens 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 often prevail. Most offices are designed (interior and exterior) in consultation with a feng shui expert, in order to create the most auspicious environment for generating wealth and harmony, and most feature a fish pond or fountain 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 (as with any piece of paper, including money). Corporate entertaining is high on the agenda and long lunches are often taken, with lavish buffets a popular option. Smokin is illegal in many places and is not always socially acceptable, so visitors should check before lighting up. There are 12 public holidays a year, the most significant being Chinese New Year, usually in February. This is the only occasion when almost everything shuts down – locals spend time visiting their families and ex-pats leave for a long weekend away. During other public holidays, like Christmas Day, banks and offices close but shops stay open. Business dress is fairly formal, however, 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 for formal functions. 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 much longer hours are quite common. |
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