a) What are some current issues facing Singapore?
b) What is the climate for doing business in Singapore today?
c) Singapore is located in southeastern Asia.
Case: In the International Spotlight: Singapore
2) Refer to Singapore (Chapter 13, p 406) for this case analysis.
a) What are some current issues facing Singapore? What is the climate for doing business in Singapore today?
Singapore is located in southeastern Asia. The current issues that Singapore is facing are:
It is one of the most developed countries in the world. Our business can be profitable here as it has high purchasing power and life expectancy within Singapore is approximately 77 years of age which is very high. (Statistics Singapore, 2005) However, the strict laws, harsh punishment and the strong religious or cultural beliefs can prove to be a risk for possible expansion. However, the ethics in business throughout this nation are prevalent. The parties are raised to value family, culture and authority. These values are demonstrated within their business ethics and they expect the same from their international partners. Yet, for one to prosper within a country they must be abreast of the cultures within the country. For instance, the majority ethnicity is Chinese, national language spoken is Malay and majority religion is Buddhism.
However, the country is comprised of multiple ethnicities therefore; several languages and religious beliefs are recognized. Additionally the determination of the party's religious belief must be known to assist in business dealings as their religion, culture and values are of great importance to the individuals within this country. (Fact Monster, 2005)
Thus climate for doing business in Singapore is favorable. This is because Singapore now possesses a diversified economy with worldwide markets, geared to secondary and tertiary production. Scientific and technological methods are implemented in its industries on a large scale. They have gained self-esteem by their own successful efforts and through government guidance. They have free enterprise system as the framework for industrialization. Free enterprise has always been supported by them. The quickest way to develop expertise, technology, and skills was by ...
This explains the cultural issues of doing business at Singapore