Asia’s tech industry is booming, plus the opportunities go beyond the limitations of technology. The economies in countries throughout Asia are also rising despite the pandemic, continually creating opportunities to grow business in different industries.
World Bank’s data shows that South Asia’s GDP grew steadily in recent years, and it’s projected to continue growing in the future. Asia’s market is still relatively untapped and has a huge potential, especially in Singapore. Here are a couple of reasons to grow or expand your small business in Singapore and other Asian countries:
Continuously growing business landscape
Asia is extraordinarily focused on innovation and tech. World-class tech hubs are now calling Singapore home, so are Tokyo, Hong Kong, and other Asian cities. Rising technology, government support, and tax breaks offer a favorable environment to nurture businesses.
Mobile has also changed and boosted the business landscape in Asia. Forrester’s reportcorrectly predicted the rise in online spending in Asia. This growth was driven by mobile apps and enhanced logistics networks, marketing, and remote needs.
Improved access to mobile devices, enhanced e-commerce and apps, and better networks means more opportunities and a better environment for all business types.
Vast population and market
It’s no secret that Asia has an enormous market. According to the United Nations Economic and Social Commission for Asia and the Pacific, there are more than 4.5 billion people live in the Asia-Pacific region, which accounts for 60 percent of the global population – that’s more than half of the people worldwide!
The vast population represents a large market of potential customers and a teeming market filled with upcoming and untapped talent. The growing population merged with the evolving tech industry leads to a steady supply of promising entrepreneurs, designers, engineers, etc.
With a huge customer base andtalent pool, the opportunities in Asia abound.
Markets in Asia continue to develop, leading to a more exciting and diverse landscape. Unlike established markets in both the U.S. and western Europe, an emerging economy opens the door to more innovation and unique opportunities.
Small business in Singapore and Asia, in general, is increasing at an incredible rate, and that’s an inspiring opportunity for startups and new entrepreneurs. Data from CB Insights revealed that Beijing, Shanghai, Tokyo, and Bangalore were among the top six cities globallyfor growth in venture-capital deals and dollars.
A study led by the National Association of Software and Service Companies showed that India was the fastest startup growth ecosystem globally, with more than 800 new startups launching each year.
Taking advantage of rising economies will mean seizing new opportunities and possibilities than what’s available in developed economies that grow at a much slower rate.
Asian major cities boast advanced infrastructure to make setting up businesses easier. The fast growth in Asian countries has required a bigger investment in social and economic infrastructures and ongoing enhancements in these areas.
Improvements in the business sector effectively drop barriers to entry and augment opportunities. For example, small businesses in Singaporeenjoy relaxed requirements, allowing both locals and foreigners to start businesses with less hassle and more support.
There you have it! With these reasons, you can now have an easier time deciding if you want to relocate your business to Asia.