Singapore Travel Guide - Business

• GDP: US$134 billion (2007).
• Main imports: Machinery and equipment, mineral fuels, chemicals and food.
• Main exports: Machinery and equipment, consumer goods, chemicals and mineral fuels.
• Main trade partners: China (PR), Hong Kong (SAR), Japan, Korea (Rep) and Malaysia.

Singapore's economy relies on entrepôt trade, shipbuilding and repairing, oil refining, electronics and information technology, banking and finance and, to a lesser extent, tourism. From the late 1970s, the government promoted export-oriented and service industries with the intention of making Singapore a regional economic hub.

The importance of trade to the economy cannot be overstated: the total value of Singapore's trade is almost three times its GDP (compared with 17% of GDP in the case of Japan). Vibrant economic activity more than compensates for Singapore's lack of natural resources. There is a little agriculture, with the cultivation of plants and vegetables, and some fishing; however, most foodstuffs and raw materials have to be imported.

Singapore's only significant natural resource is its natural harbour, which is the busiest in the world. This accounts in part for the high level of Singapore's re-export trade, which accounts for almost half of all trade.

English is widely spoken in business circles. Appointments should be made and punctuality is important. Chinese people should be addressed with their surnames first, while Malays do not have surnames but use the initial of their father's name before their own. Business cards are essential, and should be both presented and accepted with both hands and a small bow of the head, although it is policy for government officials not to use them.

Office hours: Mon-Fri 0900-1300 and 1400-1700, Sat 0900-1300.

Singapore is the top convention city in Asia and ranks among the top 10 meetings destinations in the world. There are many hotels with extensive conference facilities, including the latest audio-visual equipment, secretarial services, translation and simultaneous interpretation systems, whilst Raffles City, a self-contained convention city, can accommodate up to 6,000 delegates under one roof. Other popular venues for larger conventions and exhibitions include Suntec Singapore and Singapore Expo, the country's latest addition to conference venues.

Full information on Singapore as a conference destination can be obtained from the Exhibition & Convention Bureau within the Singapore Tourism Board (see Contact Addresses). The bureau is a non-profitmaking organisation with the dual objectives of marketing Singapore as an international exhibition and convention city and of assisting with the planning and staging of individual events.

Singapore Indian Chamber of Commerce and Industry
101 Cecil Street, Tong Eng Building, Unit 23-01/04, Singapore 069533, Singapore
Tel: 6222 2505 or 2855.
Website: www.sicci.com

Singapore International Chamber of Commerce
6 Raffles Quay, 10-01 Singapore 048580, Singapore
Tel: 6500 0988.
Website: www.sicc.com.sg