Top 5 Countries in Asia to Do Business 2016
Becoming a successful businessman is a self-fulfilling opportunity. What more if you will be able to establish your empire on a different region, country, or continent? The following list is James Ruesch's top 5 places he highly recommends when doing business in Asia.
5 Philippines
The country hit the 84th place in Forbes' 2015 list, garnering a 6.10% growth in its Gross Domestic Product (GDP) with an estimated population of 101 million. Majority of these people belong to the working-age group who if not highly educated, are well trained and competent.
Filipinos have a very high regard in education and almost everyone speaks English. Although their economy is fluctuating because of some government trust issues, the workforce is cheap while the quality of skills are not compromised.
4 South Korea
Korea, being the 4th largest economy in Asia, is in the 33th spot of Forbes' 2015 ranking. With a population of 49.1 million and a GDP growth of 3.3%, it is the only country that has recorded 5 consecutive decades of economic growth.
Despite the lack of skill in speaking English, Koreans are known to value honor and dignity. In the country, there is so much respect to the senior level that most employees rarely confront their superiors in an impolite way.
3 Malaysia
As over 5,000 multinational corporations have invested, Malaysia is considered by most businessmen as one of the best countries to do business. It holds the 34th spot in Forbes' list next to South Korea and has a GDP growth of 6% in 2015. Its 30.5 million population is a mixture of Asian races that assembles a cost-productive workforce.
Moreover, the country gives a warm welcome to foreign investors interested in manufacturing, modern technology, and knowledge-based projects. It is indeed a business-friendly place that offers a lot of opportunities.
2 Hong Kong
As Forbes' top 11 in its 2015 list of best countries to start a business, Hong Kong has proved itself to be exceptionally resilient after past economic crises.
With a GDP growth of 2.5% and a population of 7.1 million, this special administrative region of China is proclaimed as the city with the longest life expectancy. It is also believed to be the safest city in the world despite the need of observing cultural etiquette as much as possible.
The region is a magnet for multinational businesses and has become the financial hub of Asia. Based on World Bank's Ease of Doing Business Survey for 2016, Hong Kong is the 5th easiest Asian country to invest a business.
In addition, the country's employees are known to be punctual and professional when it comes to conduct and attire.
1 Singapore
It is never a surprise to find the Lion City of Asia as the King of the Jungle. Singapore, the top 8 of Forbes' list Best Countries for Business, is an existing proof that size doesn't matter. Being one of the smallest countries in the world did not stop it from becoming one of the fastest growing economies in Asia.
In World Bank's Ease of Doing Business Survey, the country got the highest spot and shows off high living standards of its 5.7 million population. With a GDP growth of 2.9%, Singapore is composed of a diverse culture, religion, and race, from which you can learn and develop your company's multinational advantage.
Singaporeans are well educated and can speak English. Thus, it is easy to work with them. Their government is stable, transparent, with less corruption, and aids foreign investors in establishing their businesses in the country.
Level up your business
Workforce is much cheaper in Asian countries and this is the reason why some foreigners reach out to these regions for outsourcing services. A lot of investors are coming in to expand their corporations and bring their products into a whole new level.
Despite culture and language barrier, most multinational companies consider Asian people because they are known to be smart, resourceful, and intuitive. As a matter of fact, advancements in technology and in the manufacturing industry take place in some regions of the continent, such as in China and Japan. These countries, although not mentioned on our list, also cradle numerous foreign investors that seek for cheaper materials and resources.
Whether you are a small-time or established foreign investor, quality standards, inexpensive labor, and cost-effective strategies are sure to be the ingredients of a successful venture. Investing in Asian countries will not only give you these things, but it will also provide you with life changing experiences that cannot be compensated or exchanged for anything in this world.
