Thailand is an Attractive Destination for Foreign Investors Essay

Knowledge of other cultures is one of the keys to being successful in business dealings. This paper reports on real experiences in cross-cultural business interactions from three different perspectives. I interviewed three successful businessmen, one who worked with Iranians, one with Chinese, and one with Indians. I interviewed them independently, and my questions covered four different elements: cultural behavior in business negotiations, management as symbol of high power distance in the companies, knowledge of high context or low context culture, and finally knowledge of each of culture to have better business negotiation in future.

Therefore, it is important to increase our knowledge of Asian cultures, languages, negotiation styles, and business practices to further develop business relations that are favorable to the continued growth and development of our own country and the global marketplace. The Asia countries make a massive impact on global economics and trade relations which also affects the political aspects related to international relationships.

Economic Considerations: Thailand is great developing country because of the smart economic policies but political environment is not stable so there is effect for investors to pay attention much to invest.

As stated in Professor Carney’s class “Successful communication occurs when the message is accurately perceived and understood”. I feel that in this negotiation we perceived and understood correctly what each other wanted to express. During the negotiation I also focused on finding ways to bridge the cultural gap such as best attributes of the Thai culture, I convinced them to accept the US culture.

Cultural Differences. Cultural differences affect the perceptions and behaviors of different parties in any international negotiation in different ways. These include the goal of the talks; different cultures view negotiations differently with some negotiators viewing them as an opportunity to get a signed contract between the involved parties. Others view negotiations as a start of a relationship between the two parties. The concept of win-lose or win-win scenarios deeply ingrained in different cultures and might affect the perceptions of the many negotiators. The time factor is also sensitive in negotiations with Europeans consider highly punctual while Latinos are usually late and the Americans are fast at cutting a deal (Craig et al., 1996). By reducing formalities, Americans maximize on time available which could be central to the Japanese. Display of emotions during negotiations varies from one culture to another with the Asians are hiding their feelings while the Latinos show how they feel. The cross-culture attributes and skills needed for successful negotiation International business refers to the performance of direct investment activities and trade across the national borders. Globalization has pushed firms to pursue markets across the national builders. The growing numbers of collaborations and transactions across

     Cultures are varying among different parts of the globe. People with different cultures have different characteristics and viewpoints on the subjects due to diverse understanding and method of learning. During the past few decades, the international trade grows in a very rapid rate due to the advantages that it provides; “increased sales, operational efficiencies, exposure to new technologies and broader consumer choices” (Heslin). Therefore, when considering the culture aspect to current business world, it is crucial for business to understand the culture aspect because of the tremendous growth of international business as well as utilize the international market to its maximum

In this negotiation, we learned that it is important to research your opponent, to understand their culture, not only of their country or backgrounds, but also their company culture. When we are able to understand our opponent’s way of thinking about business and doing business we can then understand how to approach a negotiation situation with them. In this exercise, we learned that it is difficult for us to adjust when it involves breaking or acting in a way opposite of what we are accustomed to. We also learned that although my classmates live in the same country as we do, their upbringings may have similarities to their origin country and will therefore help them to communicate and adjust to that country’s norms and standards. We were surprised how we were able to stay in character although it was hard and it was surprising how people responded when they were unaware of your intentions and strategies. If we had to do this exercise again, what we can do is do more research on our opponents so that we would have an idea of what to expect in the negotiation table.

Therefore, in order for the negotiation to succeed the companies had to focus more on their interests and not on their positions. This is largely due to the fact that “interest help define the problem. The basic problem in a negotiation lies not in conflicting positions, but in the conflict between each side’s needs, desires, concerns, and fears” (Fisher, Ury, & Patton, 2011, p. 42). This is quite important when it comes to communication of each sides interests. Each side has their own concern and their own value, which is can be greatly impacted and emphasized by differences in culture and this can put a new dynamic to the negotiation.

This portfolio project will analyze the strong need for proper negotiations between different cultures. This topic is one that needs everyone’s full attention, especially for those professionals involved in negotiations or government. Yes, this matter touches governments, because such negotiations, in many occasions involve other countries. For this particular exploration, one will focus on negotiations with Mexico. Therefore, it is for this affair that everyone must understand how important cross-culture negotiations are for this country. In addition, while involved in negotiations many individuals think that such topics only involves local companies or organizations. This is not always the case. When dealing with cross-cultural negotiations, many times the negotiators are negotiating for the good of the country. For these particular negotiations, it involves all of North America. Yes, this can also involve Canada. These three countries are part of The North American Free Trade Agreement, signed by the three states in 1994 (International Democracy Watch Staff, 2001). That is why this process is more than just making a sale with one particular party. Therefore making it very important for negotiators involved in this subject, to know how to approach parties from a different culture. Even more, knowing the other groups culture alone will not do the job. These responsibilities need deep communication knowledge, proper planning, and the correct negotiating tactic. Many already

Explain each stage of the negotiation process and the role that culture plays in each stage. Give example to support your answer

When dealing with businesses there are always going to be cultural barriers and obstacles. This is because no two countries are the same and each person is different. Cross cultural communication looks at how people from various backgrounds interact and communicate and this is what this report will cover. It will look at how people from different backgrounds pass information and make negotiations despite the barriers of culture between them. The case study ‘Journey to Sharahad’ displays the cross cultural exchange between the Americans who have just arrived in Sharahad are completely oblivious to the culture and people of Sharahad and what

Trade relations between Thailand and Australia have steadily increased over the years, and the two countries recently celebrated 60 years of bilateral trade. The strong ties that exist between Australia and Thailand have been further strengthened in recent years through a series of free trade initiatives, reduced or eliminated tariffs and, prior to 2003, through the provision of Australian economic development advisors to Thailand. Despite the positive trends in commerce, Thailand has been rocked by political turmoil from time to time over the years, and student uprisings in Bangkok in particular have threatened the political stability of the country's ruling parties in ways that had short-term implications for Australians doing business in Thailand. Moreover, because it has become increasingly integrated into the global economy, Thailand has not been immune from the Great Recession of 2008. Nevertheless, the business climate in Thailand remains highly favorable in general and especially favorable for Australian companies of all types and sizes as described further below.

In this literature, most of the literature collected is through online platforms, such as UWE online library and Google Scholar while hardcopy books that were used for this study was obtained from the UWE Library. All the collected literatures in this literature is well establish by referring to the journal metrics and at least cited by 50 times. 28 of theoretical literatures were collected to understand and support the theory of culture and negotiation. On the other hand, 42 of empirical literatures were collected to illustrate the relationship between culture and intercultural negotiation in business context. The timeframe of the theoretical literature is not an issue as long as the theory is still relevant but the empirical literature is not more than 20 years old so it may still be relevant in today’s culture and business environment.

Mastercard Global Destinations Cities Index released a report this past September that Bangkok, Thailand is the world’s most visited city of 2016 (CNBC, September 2016). Bangkok is projected to have 21.47 million international visitors in 2016. What makes this Southeast Asian country such a popular destination among travelers? Could it be the ancient ruins of the country? Could it be the delicious and savory food we have all known to love? Or the friendliness of the people for which the country is nicknamed the “Land of Smiles.” No matter the reasons why people visit Thailand, the statistics speak for itself. The high volume of tourists brings a positive boost to Thailand’s economy. This allows ample amount of opportunities for businesses to bloom. With so many diverse international visitors, the market space available to cultures outside of Thailand remains an endless possibility for those envisioning to plant business ventures in Thailand. Opportunity, however, does not guarantee success. We have seen through various case studies where companies have either failed or succeeded in bringing their brand cross culturally. In order to successfully position oneself as an entrepreneur in Thailand, an understanding of the cross-cultural communication and negotiation of the Thai culture is vital. Cultural values, attitudes, and beliefs ingrained in the hearts of negotiators have a huge impact and influence in the way cross cultural communication and negotiation is

Thailand is facing an increase competition in labour-intensive industries because of growing population at faster pace in neighbouring. To have competitive advantage, Thailand must improve its quality of education and also develop the necessary skills to improve the value-added chain. The growth of real GDP is expected to range from 4.0% to 5.0% in medium term.