Updated March 26, 2018 –
Singapore continues as a bastion of success.
Singapore is a top financial center — the second-busiest shipping port closely behind Shanghai, China.
Singapore’s Changi Airport has been voted the world’s best for six consecutive years, according to world airport awards in 2018.
This video shows how the Singapore airport continues to innovate:
You might recall 43 percent of companies doing business there forecast continued growth financially and strategically until at least 2017, according to a Telstra Global Report in 2014.
“Multinationals from around the world are meeting and exceeding their strategic and financial objectives in Asia,” said Telstra Global Managing Director Martijn Blanken.
Sixty percent of companies met financial and strategic goals from 2011 to 2014, according to Telstra’s report entitled, “Connecting Countries.”
Telstra interviewed 4,155 executives employed by companies headquartered in more than 20 nations. They include the United States, United Kingdom, Germany, Australia, mainland China, Japan, India, Hong Kong, Singapore and Indonesia.
Singapore’s trade advantages
Singapore is an enduringly attractive location for international expatriate executives, with 39 per cent of workers in Singapore-headquartered companies saying that they will still be working in Singapore in five years,” added Mr. Blanken.
Like many regions, Singapore does have at least one challenge.
“However, 29 per cent of Singapore companies say that finding good local talent is extremely challenging,” he acknowledged.
He said the research identifies a superior category of top performing companies in Asia, termed Asia Business Champions in the report.
Asia Business Champions comprise top 5 per cent of overall companies in Asia.
“On a global level, the ICT industry is a standout in Asia, with more than 70 per cent of these companies having been very successful in Asia in the past three years, compared to 61 per cent of companies across other sectors,” said Mr. Blanken.
ICT is an acronym for information and communications technology.
“Over the next three years both financial services and insurance companies and those in the ICT sector are most bullish about exceeding their objectives in Asia, with 55 and 51 per cent respectively, compared to 42 per cent overall,” he added.
— 50 per cent of companies see expanding into new markets as extremely important to the success of their firm in the next three years.
— China is the primary growth market for companies who see expansion into new markets as a high priority in Asia over the next three years; 50 per cent nominated China as part of their strategic expansion plans
— Companies are also focused on expansion into Singapore (38 percent), Hong Kong (33 percent) and India (32 percent).
— Asia Business Champions are more likely to have a global footprint than others in the study, 82 per cent operate both in and outside of Asia.
— U.S. and U.K. firms are over-represented in the ranks of the top five per cent — Asia Business Champions — 32 percent of Asia Business Champions are companies headquartered in the U.S., compared to a total of 14 percent of overall respondents being companies from the U.S. Eight per cent of Asia Business Champions are U.K. companies, compared with only 3 per cent of overall respondents being companies headquartered in the UK.
— ICT and financial services companies are also over-represented in the Asia Business Champions category, 15 per cent and 12 per cent respectively, compared with7 per cent of all businesses.
Headquartered in Hong Kong, Telstra Global is part of Telstra Corporation Limited, the leading telecommunications and information services company of Australia. The company is licensed in Asia, Europe and the U.S. and facilitate access to over 1,900 PoPs in 230 countries and territories across the globe.
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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.