Southeast Asia Has Become A Regional Hotbed for Business Investments
Countries around the world are constantly vying to establish themselves as a global hub for business and finance, yet amid all the various incentives each country offers, certain minimum standards need to be met in order for them to become financially attractive to key business decision-makers and transnational companies.
More specifically, a World Bank Group report has highlighted four main factors – the country's people, environment, relationships, and framework – that drive investors and major transnational corporations to invest in a country’s natural resources, infrastructure, markets, technologies and local companies. Using these factors as a benchmark the U.S. News and World Report has recently published a report ranking the top most attractive countries in the world that have scored the highest across the board. Eight major attributes were also taken into consideration in determining the ranking: entrepreneurship, economic stability, favourable tax environment, innovation, skilled labour, technological expertise, dynamism, and level of corruption. Over 6,000 survey responses were collected from key decision makers in business around the globe.
Interestingly in the results of the top 10 that made it on the list as shown below, majority of the countries on the list came from emerging markets in Southeast Asia. Coming out on top was Philippines, which the report noted to be "flooded with billions of dollars" in remittances from overseas workers and enjoying a "flourishing" tourism industry.
With Asia expected to stay the fastest growing region in the world in terms on demographics, reform momentum and business opportunities, other countries in Europe and America are certainly feeling the heat from the ramped up competition.