SINGAPORE

Vyshakh DasAvinash Choudhary

Flag Description

Red denotes brotherhood and equality; white signifies purity and virtue; the crescent moon symbolizes a young nation on the ascendancy; the five stars represent the nation's ideals of democracy, peace, progress, justice, and equality.

Impact of Geography and History

Singapore is a small island open economy Dependent on services and hi-tech industries This influences the culture of Singaporeans Makes them less risk averse and conservative More disciplined and hard working Influences their biz style and negotiation styles

Land and People 77% Chinese, 14% Malay, 8%

Indians.

The people of Singapore are

predominantly Chinese.

With large Malay and Indian

minorities.

Buddhism, Islam, Hinduism and

Christianity are principal

religions.

Malay, Tamil, Chinese and

English are the languages

spoken here.

People here are friendly and

lively.

METHOD OF GREETING

Greeters slide their palm together back towards their own chests, then end with the hand over their heart.

Relationship and Respect

Group-Oriented

Business relationships mostly exist between individuals rather than companies

“Saving face”

Values include humility, experience and team spirit

Way of Negotiation

Speak in quiet, gentle tones1. Silence during conversations does not

have a negative meaning Be indirect1. Being direct is considered rude or pushy What does “yes” or “no” mean? 1. “Yes” does not mean they agree with

you, only that they heard you2. “No” means they are not interested

Negative messages can be delivered through a third party (“saving face”)

Non-verbal communication is important1. Avoid physical contact except for handshake2. Do not touch their head! 3. Point with the hand, not with a finger4. Sucking in air means there’s a problem5. Too much eye contact is considered rude and intrusive6. Avoid facial expressions that express disagreement

Laughter may be used to hide embarrassment, shyness, disapproval, and distress

At the Negotiation Table

Talk to the person at the right level ( Decision making can be slow or impossible )

Coming with unorthodox new ideas will take some convincing ( Uncharted territories need one or the other govt. approvals )

Ask where you should sit or wait to be seated

Carefully try to establish who makes the decisions

Be well prepared and establish expectations level at the start

Example of Negotiation

EU and Singapore conclude investment talksThe European Union (EU) and Singapore have concluded the negotiations of the investment part of the EU-Singapore Free Trade Agreement (EUSFTA). This marks the successful conclusion of the negotiations of the entire EUSFTA, following the initialling of the other parts of the agreement in September 2013.

Next stepsNegotiations on investment protection had started later based on a new EU competence under the Lisbon Treaty and have only now been completed.The Investment Protection Chapter will now undergo legal scrubbing before both sides will formally finalize the negotiations. After the agreement has been translated into all official EU languages the agreement will be signed and ratified by both parties.

References

http://geert-hofstede.com/singapore.html

http://www.globalnegotiationresources.com/cou/Singapore.pdf

http://www.executiveplanet.com/index.php?title=Singapore:_Let%27s_Make_a_Deal%21

http://trade.ec.europa.eu/doclib/press/index.cfm?id=1164

http://www.leadershipcrossroads.com/mat/cou/Singapore.pdf