
Asia is not homogenous economically and culturally. It is characterised by a wealth of socio-cultural diversity with ethnicity, languages, religious values and practices. Its business practice, corporate governance, ethics, attitudes and behaviours are also different from the west. Foreign Company, especially from the west, must understand that each country is sovereign, independent and governed differently. Each country is also at different pace of development and growth. Asia does not, and is not “one big homogenous business bloc”!
For any Company wanting to gain regional advantage, the key success factor is to understand Asia and to cultivate and strategically leverage local partnerships. Collaborative business partnership, creating new sources of value for Companies, customers and communities and building new value networks, resources for innovations and growth opportunities are the motivation and incentives for business success.
Thus there is complexity in cross-border trading and business growth within Asia.
Data source: IMF Survey, Reuters Economic Report, July 2013
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