Asia is home to world-class technology centers, advanced infrastructure and densely populated emerging economies. During the last three decades, Asia has boomed in technological advancements, GDP growth and labor competency outshining western countries which makes Asia one of the best destinations to expand during the post pandemic.
According to the World Economy Forum, Asia GDP growth is dominant in the world, the prediction is that by 2030 Asia will contribute to 60% of the global growth. With its sustained economic growth and stability, many business experts expect global organisations to expand into Asia in the near future.
Here are some of the countries in Asia for global expansion in 2022.
China has opened its economy to international trade and is now known for its dynamic banking and technology-driven private sector. International investors are allowed to set up a 100% foreign-owned company in China where foreign investment is welcome within the country for most industries. China’s new social credit system, including income tax benefits with highly available labor, make China one of the most attractive markets to expand.
Singapore is widely recognized as a global economic hub that provides international companies with strong trading and investment opportunities. Having one of the lowest corporate rate taxes in the world, Singapore’s friendly business policies have attracted many traders and investors. Singapore had been recognized as one of the best places to do business by the annual survey of the World Bank for many years. With attractive immigration guidelines, high quality education system in place and multilingual workforce, Singapore ranks on top as one of the best places to expand.
Being identified as one of South East Asia’s leading economies, Malaysia is an export oriented manufacturing hub with the second highest GDP per capita in Asia. Equipped with a highly talented, multilingual workforce ranks on top in education than western countries, many sectors such as Health services, manufacturing, high-technology, and biotechnology are heavily supported by the government. Malaysia’s openness to trade along with its infrastructure has made it one of the most desired places to expand in Asia.
With its strategic location, Thailand has become home to one of the most fastest growing economies in Asia. The economically driven market oriented nature of business welcomes foreign investment, tech development and employment. Thailand is known for cost effective labor and its economic growth and benefits offered for foreign business entities make them a good reason to consider expansion.
One of the premiere business locations, Hong Kong takes pride in being one of the leading financial centres in the world. Apart from being able to set up a business with 100% ownership, they can be a share-holder or a sole owner of a Hong Kong based company. With its free trade and investment policies, simplified taxation and strategic location, Hong Kong is a truly global city and financial center for businesses.
Sri Lanka’s strategic location provides endless prospects to venture into free trade and partnership agreements with some of Asia’s trade giants. Another advantage for a company locating to Sri Lanka is the preferential trade access gained by two large regional alliances under the South Asian Free Trade Area (SAFTA) and the Asia-Pacific Trade Agreement (APTA). Sri Lanka is full of educated and competent workforce which is an added advantage.