Statistics

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.

Economy

Intending on making Singapore a regional economic hub, Singapore’s economy is highly reliant on entrepot trade, shipbuilding and repairing, oil refining, electronics and information technology, banking and finance, and to a lesser extent, tourism.

With the total value of Singapore’s trade almost three times its GDP, this vibrant economic activity more than compensates for Singapore’s lack of natural resources. Due to land scarcity, most foodstuff and raw materials have to be imported.

Its natural harbor is the busiest in the world. Due to its strategic location, it accounts for the high level of Singapore’s re-export trade, which comprises of almost half of all trade.

Business Etiquette

English is the language of communication in the business circle. Appointments are generally made and tardiness is frowned upon. Business cards are essential for exchange, and should be presented and accepted with both hands and a slight bow of the head.

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

Business Contacts

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

Conferences & Conventions

The top convention city in Asia and ranking amongst the top 10 meeting destinations in the world, Singapore sees many hotels with extensive conference facilities. The most popular venues for large conventions and exhibitions are Suntec Singapore and Singapore Expo. Raffles City, a self-contained convention city is suitable for smaller exhibitions, being able to accommodate up to 6,000 delegates under one roof.

More information can be obtained from the Exhibition and Convention Bureau within the Singapore Tourism Board (see Contact Addresses).

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