International Business Paper.

International Business Paper Christopher Baker Christopher.baker@rexmail.queens.edu Professor Baldrige Queens University of Charlotte

October 22nd 2012

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Table of Contents

Abstract Background information Business etiquette and rules Travel Requirements Business Article Reference page

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Abstract

Writing lab assignment #7, my main goal is always to continue to improve my writing skills by acknowledging the feedback from Professor Baldrige from my previous papers, and making sure I improve on my weaknesses. Singapore was my country of choice and I carefully broke down the paper into three main topics, background information, business etiquette and rules and travel requirements. I then wrote a reflection on a business article on Singapore. I will continue to making improvements in my writing to reach my desired goal of an A grade in this class.

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International Business Paper; Singapore

Understanding different cultures and how they conduct themselves in business abroad is essential to any company to becoming successful in their industry. Companies have to appeal to a diverse international market and audience to be competitive. Developing a global business model will communicate what your company brand, product and service is offering. Failure to understand these key principles will lead the company or individual to lose competitive edge other others in their industry. With this in mind, I will research into how to conduct business in Singapore. Background information:

Founded as a British trading colony in 1819 Population of 5,353,494 (July 2012 est.) 114 th in world rankings. Unemployment total: 12.9% world ranking 87 th . GDP: Ranked No.1 $56532 (Forbes) Political: Republican government. Economy: Free-market Exports: Electronics, pharmaceuticals, information, technology products and financial service sector.

Major Corporation: Singapore Telecom, Wilmar International Food, DBS Banking, United Bank and Singapore Airlines are the top five corporations making 96% of Singapores generating over $9 billion dollars.

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Business etiquette and rules of Singapore include the following:

Introductions: Arranging your meetings in advance, and being on time is essential.

Presentation: Image and presentation is important, suit and tie is essential for all business appointments and meetings.

Expectations: Carrying business card at all times is expected. Manners: Handshake and look in the eye lasting up to 10 seconds is required as body language and first impressions are highly regarded. Singaporeans dont usually get appetizers or anything to drink and it is not favored to tip after the meal.

Gift giving: Offering an inexpensive present as a welcome gift or a thank you gift is advised. Suitable gifts: chocolates, or a souvenir from your country.

Travel Requirements: Necessary: Passport that is valid for six months beyond the date of your stay is required. A visa for tourist or business visits of up to 90 days is not required. Transport: Singapore's main transports; buses, trains and taxis, and these are all forms of public transport, which are inexpensive and reliable. Driving is done on the left side of the road.

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Business Article on Singapore:

Over the last 45 years, Singapore GDP has increased by 24 times, making it one of the financial countries of the world. Siddiqui, Kalim a specialist in Development Economics and a professor at the University of Huddersfield University looks into how Singapores rapid transformation during the mid-1960s. The government lacked capital to invest overseas, as a result of the Cold War. Foreign investment was the only option to fill this gap; this lead to a high demand of labour intensive jobs and start-up businesses to export goods and bring capital into the country. Savings were consequently made as there was less demand to import goods, which lead to the rapid growth in Singapores economy. H owever, due to the finical crisis in 2006, the demand of importing goods has significantly dropped and Singapore has suffered in depression. Manufacturing, in the form of labour and construction was the result of the 28% increase in GDP which has led to a large scale of less educated workers. Singapore is currently in the process of developing their education to increase infrastructure and overseas investment and not just relying on exporting goods in the manufacturing sector.

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References Central Intelligence Agency. (2012). East & Southeast Asia. Retrieved from, https://www.cia.gov/libarary/publications/the-world-factbook/geos/sn.html Ofori, George. (1998). Construction Management & Economics. Retrieved from, http://ehis.ebscohost.com/ehost/pdfviewer/pdfviewer?sid=0ea59425 c5f04972-97a1ba8d4a3f9ff5%40sessionmgr115&vid=11&hid=26 Nam, S. (2012). Singapore's Richest 2012. Retrieved from, http://www.forbes.com/sites/suzynam/2012/07/25/singapores -richest-2012/