Singapore is economically the most developed country in South East Asia. The infrastructure of the city-state is excellent and the GDP per capita is higher than in many Western countries. It is an open market economy with very low levels of corruption. State-led industrialization and foreign direct investments have enabled Singapore to develop into a commercial and financial hub. Economic growth has been fast due to the strategic location in Asia, skilled labour, and stable political situation.
The economy is based on exports, electronics, petrochemical industry, tourism, and financial services. Recently the government has launched a new strategy that seeks to diversify the structure of the economy to balance the effect of fluctuations in the world economy. Singapore has attracted various large pharmaceutical and medicaltechnology investments. The objective is to develop into a leading nation of South East Asia in high technology and financial sectors.
Starting a business in Singapore is relatively easy, as the regulation is clear and transparent. The World Bank has rated Singapore as the most business-friendly economy in the world. During the last three years its protection of intellectual property rights has also been voted as the best in Asia.
Singapore is a multicultural society and the variety of ethnic groups and religions should be taken into consideration when doing business in the country. In general, Singaporeans have an open and international attitude towards their business partners. The working language is English. The locals, however, might use "Singlish" that mixes dialects and slang into English.
When arriving to the meetings, being in time is advisable. Business cards should be exchanged upon meeting and treated respectfully. Ideally, they should be given and received with both hands. When making introductions for the first time and in formal meetings, always use the person's title and family or personal name. Most Chinese place their family names first, followed by their personal names. The Malays do not use a family name, but their own personal name followed by bin or binti meaning "son or daughter of" before their father’s personal name. The Indians use their personal name followed by s/o (son of) or d/o (daughter of) and the father’s personal name.
Gift giving is a common way of expressing thanks. Gifts are typically wrapped, presented and received with two hands, and opened after the presenter leaves. Small business-related gifts such as a pen with the company logo would be sufficient. When giving gifts for people from different ethnic groups, it is advisable to make sure that the gifts don't confront with their cultural symbols and etiquette.
Business wear is neat. There is an emphasis on equality of the sexes in Singapore. Women do hold positions of authority in business. Spouses of both sexes do not usually attend business events or functions, unless specially invited.
Singapore is Finland's 8th biggest export destination in Asia. Globally Singapore places as 37th export and 39th import country for Finland. The balance of trade between Finland and Singapore is favourable for Finland. Finland's exports to Singapore in 2006 were 231,7 million euros, while the imports from Singapore counted for 137,1 million euros. Growth rates in both export and import have fluctuated remarkably on annual level. In recent years, the export figures have swung between 40 % growth and 30 % drop annually. The import figures have fluctuated on a scale of 5 % growth and 30 % drop.
More than half of Finland's export to Singapore consists of machinery and equipment. Other important export articles include manufactured goods as well as chemical substances and products. Over 80 % of the imports from Singapore to Finland are machinery and equipment.
