Singapore is a multiethnic society comprising of Chinese, Malay, Indian and Eurasian communities. Singapore's forward-looking policymakers are waiting with open arms. However, this unemployment rate may be regarded as overemployment in some countries meaning that employers may have been forced to recruit anyone as there were not enough workers in the market. However, it is worth noting that due to the limited scope of the article, the discussion here is somewhat limited. Singapore’s current National Trade Platform already provides a world-class prototype for connected businesses by linking importers, exporters, banks, logistics firms, customs, shipping agents and other stakeholders—all in a transparent, open-sourced environment. Banks: 09.00 to 16.00 Monday to Friday. Most Indians do not eat beef as well. The general advice would be to do as ‘the Romans when in Rome’ and be courteous at all times. A few tips to consider will be provided in the following. Singapore is one of the world’s most technologically advanced countries. However, it is worth mentioning that as Singapore is a low-lying island state, it is very vulnerable to sea level rise and coastal erosion. It is a democratic country. The focus of the government of Singapore on attracting foreign direct investment (FDI) has been an important key to the economic success of the country. I did my graduate studies at the London School of Economics. Jackets may be worn to formal events. All rights reserved BSSL. Similarly, Google, Amazon and Facebook all have well-established regional operations in Singapore. Moreover, It has transformed into im… Technological Factors Affecting Business . https://www.bbc.co.uk/news/world-asia-15961759, https://www.usnews.com/news/best-countries/singapore, PESTEL analysis of Denmark (Denmark country profile), Competitors of YouTube (Competitor analysis of YouTube). As a general rule avoid discussions about topics like religion, racial issues and politics. China’s Cyber Security Act, which came into force in 2017, requires foreign firms to store data on locally based servers, thereby ceding full data access to Beijing's bureaucrats. However, the Singaporeans face severe restrictions on their basic rights to freedom of expression, association, and peaceful assembly (Human Rights Watch, 2019). Its IT infrastructure is one of the best and it has the fastest internet in the world. These well-funded efforts involve robust collaborative networks that include Singapore’s world-class universities, leading multinational business and a rapidly growing ecosystem of startups, business incubators and venture capitalists. The trend in which the world is advancing technologically is quite rapid, now virtually every facet of life has been positively or negatively affected you. As long as employment rights are concerned, employees have the right to a minimum of 7 to 14 days paid annual leave, sick leave, timely salary, and paid public holidays. By clicking the "Accept"-button, you agree that the Ministry of Foreign Affairs and third parties use cookies. When an employee is efficient, he turns out to be productive. The Indians use their personal name followed by s/o (son of) or d/o (daughter of) and the father’s personal name. It is also often regarded as the Asian technology capital. Despite Singapore’s tiny market size, with a population of just over 5 million, it has implemented 22 bi-lateral and regional FTAs and has recently concluded and signed two mega-FTAs including the European Union-Singapore Free Trade Agreement (EUSFTA) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). Before becoming an academic, I was a partner with KPMG, a global consultancy, as well as an international trade specialist with the United States Customs Service. Singapore is located geographically in the heart of Asia and its infrastructure connects to every corner of the globe, both East and West. Available at: https://www.channelnewsasia.com/news/commentary/singapore-deep-technology-talent-scheme-foreign-it-enginneering-11870930 (accessed 14 November 2019), US News (2018) Overview of Singapore, available at: https://www.usnews.com/news/best-countries/singapore (accessed 12 November 2019). Many analysts see Singapore as a tax heaven as it offers low taxes and other incentives to foreign investors. The JLL study showed, for example, that China's cities were most connected to Singapore, followed by New York and Sydney. Never write on the business card, put it casually in your back pocket or haphazardly stash it in a folder. Singapore has done well in its fight against corruption. This detailed PESTEL analysis of Singapore aims to explore some of the political, economic, social, technological, environmental, and legal factors that affect Singapore today. For the Chinese, the number 4 rhymes with the word for death meaning that it is important not to give anything in a set of four. Opinions expressed by Forbes Contributors are their own. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Trade wars are playing an increasing role in enhancing Singapore's allure, Singapore’s cash-flush policymakers are turning the city's labor pool into one of the world’s most tech-savvy workforces, Singapore’s Economic Development Board (EDB). The unemployment rate in 2017 was 3.91%, while 3.77% in 2018 (Plecher, 2019). Business breakfasts are rare in Singapore. Singapore is a key hub in Southeast Asia and in some cases globally for finance, transhipment activities, business services, transportation, and logistics. As Washington steps up efforts to counter Beijing’s capacity building in key technology sectors, American and foreign tech companies face new constraints. The life expectancy for men is 79 years, while 84 years for women (BBC, 2018). It is a member of the IMF, the World Bank, ASEAN, APEC, the UN, the Commonwealth, and some other prestigious institutions. It is a multi-ethnic country with a total population of 5.64 million as of 2018. Today, the stability has translated to peace and a better standard of living. The collection of information also helps targeting of relevant content, compile statistics as well as marketing. growing efficiency of computer systems (processor speed, databaseand memory capacity), Gift giving is a common way of expressing thanks. We use cookies to optimize the user experience and target the content on the website of the Ministry of Foreign Affairs of Denmark. My focus is on disruptive technology and the digital economy. Letter-openers however are an exception. We use cookies to optimize the user experience and target the content on the website of the Ministry of Foreign Affairs of Denmark. It is officially known as the Republic of Singapore. Some banks are also open on Saturdays and Sundays. BBC (2018) Singapore country profile, available at: https://www.bbc.co.uk/news/world-asia-15961759 (accessed 12 November 2019), Bock, H. (2019) Singapore is most beautiful city in Asia, 11th most beautiful in the world, available at: https://www.straitstimes.com/lifestyle/singapore-is-most-beautiful-city-in-asia-11th-most-beautiful-in-the-world (accessed 15 November 2019), EDB Singapore (2018) Singapore flexes its standing as Asia’s technology capital, available at: https://www.edb.gov.sg/en/news-and-events/insights/innovation/singapore-flexes-its-standing-as-asias-technology-capital.html (accessed 14 November 2019), Human Rights Watch (2019) Singapore, available at: https://www.hrw.org/asia/singapore (accessed 10 November 2019), Pines, L. (2019) Singapore’s Top 5 Exports & Imports: Why It’s The World’s 14th Largest Export Economy, available at: https://commodity.com/singapore/ (accessed 10 November 2019), Plecher, H. (2019) Singapore: Unemployment rate from 1998 to 2018, available at: https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/ (accessed 12 November 2019), Quek, C. (2019) Commentary: The future is tech but where is Singapore’s engineering and IT talent? Additionally, when a business is more in touch with its present and potential customers, the more chance it has to build a strong customer loyalty base. Gifts with connotation of severance or cutting, such as scissors, are not appropriate as they symbolize conflict. For instance, it is a densely populated country and has severe space constraints. given name before family name. He is a lecturer in Management and Marketing. Singapore, on the other hand, has no such constraints. Multinational firms, therefore, must increasingly ring fence strategic technology ecosystems in order to comply with sanctions and national security regulations. © 2020 Forbes Media LLC. Partnering with a black-listed entity, for example, could expose a company to blocked business deals, increased export controls, technology licensing and sanctions — all of which wreak havoc on day-to-day supply chain activities. November 11, 2012 By HK Lead 1 Comment. Five key factors have contributed to Singapore's pull, both as an innovation center and hub for regional operations. The 2017 Bloomberg Innovation Index ranks Singapore number 6 in the world, just ahead of Japan and the U.S., while China comes in at number 21. https://pestleanalysis.com/technological-factors-affecting-business Upon receiving a business card lay it in front of you on the table in accordance with the placement of the people you are having the meeting with. In fact, the Political And Economic Risk Consultancy (PERC) states that the country enjoys the lowest political risk in the continent. There is an emphasis on equality of the sexes in Singapore. According to Canada-based online travel agency Flight Network as cited in Bock (2019), it is the most beautiful city in Asia, and the 11th most beautiful in the world. Also embedded in these networks are the world’s top advisory, legal, accountancy and IT firms, which make up Singapore’s thriving international business community and are indispensable to capacity building. Its top imports are integrated circuits, refined petroleum, crude petroleum, gold, and computers (Pines, 2019). Singapore is the 38th largest economy in the world. Its IT infrastructure is one of the best and it has the fastest internet in the world. Select SETTINGS to choose which cookies you wish to accept. A study conducted by Jones Lang LaSalle, a real estate advisory firm, puts Singapore as the top foreign investment destination for Chinese tech giants Alibaba, Baidu and Tencent. Likewise, industrial pollution, and limited resources for freshwater are two big environmental challenges facing the country. English is the working language while the official languages are Chinese, Malay and Tamil. It is also considered the most innovative country in Asia. Offices: 08.30 to 17.30 Monday to Friday. Also, graduated from Leeds Metropolitan University with a BA in Business & Management Studies and completed a DTLLS (Diploma in Teaching in the Life-Long Learning Sector) from London South Bank University. There is a local vernacular, Singlish, which is essentially English generously peppered with local slang and dialects. Also enter your email address at the bottom of the site to ‘Join us’ free for our newly published articles and newsletters. Advancement of technology can make this possible. In this connection, it is worth noting that the government of Singapore has rejected the criticisms of Human Rights Watch. It is renowned for its world’s cleanest streets, year-round summer, Changi Airport (awesome!

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