Asia is, without a doubt, the most important business region in the world today. For the past decade, China has been the world's development engine, but India has begun to take up that role. Asia's business travel industry is booming, thanks to the continent's plethora of commercial and financial hubs. In fact, according to recent research, Asia has eight of the top twenty most-visited business travel destinations. This provides the best places in Asia for business travel as well as interesting details about each city. Verdict, in collaboration with GlobalData Locations, has examined a variety of factors, including the availability of office space and competent staff, as well as transportation linkages and market access, to identify the best cities in the Asia Pacific to do business right now.
Thus, here are the top 7 cities that are also best for corporate travel:
Shanghai
Shanghai is China's largest metropolis and a global financial center. The city is situated on the East China Sea, at the mouth of the Yangtze River. The Port of Shanghai is the world's busiest cargo port. Shanghai is a famous business trip destination in Asia, with the city focusing on manufacturing. The Bund, located in the heart of the city, is a well-known promenade that showcases Shanghai's pre-colonial architecture. The Pudong district's modern skyline, with the Shanghai Tower and Oriental Pearl TV Tower providing a spectacular backdrop to the city, is striking across the waterfront. Finance, retail, information technology, and real estate are some of Shanghai's other major businesses. Check out our fantastic selection of serviced apartments in Shanghai when planning your trip.
Singapore
In Southeast Asia, Singapore is a city-state. Formerly a British colony, Singapore has flourished since its independence from Malaysia, boasting the greatest GDP per capita of any Asian country. Singapore is one of the Four Asian Tigers, a group of economies that includes Hong Kong, South Korea, and Taiwan, all of which have witnessed fast industrialization and economic expansion. Singapore's primary businesses are finance and manufacturing, with the city serving as a digital technology hub. The state is located to the south of the Malay Peninsula and is known for its Marina Bay. The Singapore Grand Prix arrives in town in September and is held at night, providing a magnificent sight! Discover our vast range of serviced apartments in Singapore for the greatest quality lodging in the city when traveling on business to Singapore.
Hong Kong
Hong Kong is a Chinese Special Administrative Region on the Pearl River Delta, bordering the South China Sea. The city is one of the most densely populated in the world, with a population of 7.6 million people. Hong Kong was a British Empire province until 1997 when it was handed over to China. Hong Kong's four major industries are financial services, trading, professional services, and tourism. The city has full of things for business travelers to see, including Victoria Peak, which offers a breathtaking view of Hong Kong. The Avenue of the Stars is the perfect site to witness the fascinating Symphony of Lights, which is located near Po Lin Monastery. Tian Tan Buddha is an iconic monument located next to Po Lin Monastery. Explore our selection of serviced apartments in Hong Kong to find the best accommodation in the city.
Tokyo
Tokyo is Japan's capital city and the world's most populous metropolitan area, with 37.3 million citizens. The city, which is located on Honshu, Japan's largest island, has a significant industrial economy, as Japan is known for making and exporting autos and electronics. Tokyo is also a famous tourist destination, with the Imperial Palace, Senso-Ji Temple, and Tokyo Skytree among the top seven must-see attractions in the Japanese city. Tokyo is well-known for its Japanese food, with a plethora of excellent sushi establishments. Mount Fuji, which stands tall at 3776 meters and dominates the Tokyo skyline, looms in the background. For business travelers, our Tokyo serviced apartments provide the highest level of lodging. Check out our tips for your first business trip to Tokyo to make sure your trip is a success.
Beijing
Beijing is the People's Republic of China's capital city and the country's political, cultural, and educational hub. With a population of 21 million people, the city is the world's most densely inhabited capital. Beijing, previously Peking, is one of the world's oldest cities, with a three-millennia-old history. Tiananmen Square, the Great Wall of China, and the Forbidden City are just a few of the ancient attractions in the city, which is known for its blend of modern and traditional architecture. Beijing's economy is post-industrial, with the service sector accounting for more than 80% of GDP. Beijing, like Shanghai, has become a popular business location worldwide. Check out our selection of serviced apartments in Beijing for the highest level of comfort in the Chinese city.
Mumbai
On the west coast of India, Mumbai, originally known as Bombay, is a heavily populated financial city. The city is India's largest and is known for the iconic Gateway of India arch, which was completed by the British Raj in 1924. The Elephanta Caves, Chhatrapati Shivaji Terminus, and the Victorian and Art Deco Ensemble of Mumbai are three UNESCO World Heritage Sites in Mumbai, which have the highest concentration of billionaires in India. In addition, the city is home to the world-famous Bollywood film industry. Mumbai has become a hotspot for business travel in India, as it houses a lot of financial institutions and several corporate offices of multinational firms. Explore our corporate accommodation in Mumbai to start arranging your vacation to the City of Dreams.
Seoul
After Tokyo, New York, and Los Angeles, Seoul is the capital of South Korea and the world's fourth-largest metropolitan economy. With hubs in Gangnam and Digital Media City, the city is a major technology center. Hyundai, LG, and Samsung are among the 15 Fortune Global 500 firms headquartered in the Seoul Capital Area. The city has grown in importance as a global business travel destination. Seoul has major industrial, trade, and technology industries in addition to being a financial center. Seoul is a contemporary city with a cutting-edge subway system that is seamlessly linked with skyscrapers. The pioneering Dongdaemun Design Plaza and the venerable Gyeongbokgung Palace, both among the city's many notable attractions, provide different vistas of the capital. When conducting business in Asia, our serviced apartments in Seoul provide the ideal corporate housing.
WHY ASIA IS A PERFECT PLACE TO PURSUE YOUR BUSINESS ENDEAVORS?
Asia is enormous, for lack of a better phrase. It is home to some of the world's most vibrant and diversified Asian economies and cultures, as well as the world's largest and most populous continent, regulatory environment, and regulatory environment. However, it also provides one of the most significant business and expansion prospects anywhere on the planet.
Let's look at five reasons why organizations with a global mindset should prioritize Asian markets when considering doing business in Asia.
Asia's marketplaces make up the world's second-largest consumer market
While it may take some time for any country to reach the United States' massive consumer economy, combining the pre-COVID markets of only three countries – China, Japan, and South Korea – the cumulative expenditure of almost nine trillion dollars dwarfs the eight trillion spent by EU member states. Furthermore, the combined GDP of China and Japan, the world's second and third-largest economies, is rapidly nearing previously inconceivable US levels. More impressive is a recent McKinsey estimate predicting that by 2040, Asia might account for 40% of world GDP, 40% of global consumption, and over 50% of global GDP. And the trend appears to be intensifying in the near future, with China set to overtake the United States as the world's most vocal purchaser of luxury goods. China, together with its regional rivals Japan and South Korea, already has a combined luxury goods market worth 25% more than what American consumers spend on the same high-end items.
Most western economies consider it a commercial partner because it imports a variety of critical products.
Consumer spending and luxury items are surely not the whole stories, as Asia is home to four of the top ten global oil consumers - not unexpectedly, China, Japan, and South Korea – with China and Japan ranking first and second, respectively. Japan, the world's fourth-largest exporter, also imports about two-thirds of a trillion dollars worth of commodities and goods each year, including everything from copper ore to integrated circuits to advanced weaponry. Japan is a hugely profitable business partner for the US defense sector, having invested about a billion dollars in drones, missiles, fighter planes, and a variety of other stuff that is too sensitive to discuss here. However, the relationship is more than simply a sale for the manufacturers; it is an investment, with corporations like Boeing and Lockheed Martin educating their Japanese colleagues to make domestic copies of cutting-edge technology. One example is the next-generation F-35 fighter plane, which has its final assembly in Nagoya, Japan.
It boasts the most intra-regional trade of any country, as well as the most regional trade alliances
With member states representing 30% of global GDP, the Regional Comprehensive Economic Partnership Agreement (RCEP) between the Association of Southeast Asian Nations (ASEAN) and six other regional countries will become the world's most significant trade partnership when it takes effect in January 2022, far outstripping similar agreements in North America and the EU. The agreement will make it easier for businesses to grow their footprint across several locations and will assist expedite the movement of products and services across member state boundaries. Furthermore, the financial and economic hubs of Hong Kong, Shanghai, Singapore, Seoul, and Tokyo are all within a one-hour time difference of one another. However, RCEP is just the largest and most visible trade deal in a region where APEC, ASEAN, ASEAN Plus Three, and, of course, the Trans-Pacific Partnership already see a lot of productivity.
Asian countries offer a large pool of talent in a variety of fields
It's only natural that the world's most densely inhabited region would have a large labor pool to draw from. For years, US IT corporations have imported highly trained local labor from countries like China and India, but as the middle class expands in many parts of Asia, so has the amount of money available to invest in education. Continuously developing Asian economies, such as Indonesia and the Philippines (and to a lesser extent Myanmar and Vietnam, both of which have enormous populations and great economic potential), are notable examples. Having honed their talents in their neighbors' more advanced economies and not happy to wait for organic career progression, a growing number of competent local workers are expressing interest in non-traditional locales outside of Silicon Valley. In Southeast Asian nations like Thailand, Indonesia, and the Philippines, medical workers are another important source of local trained labor. Care workers may be educated and trained for a fraction of the cost of similar experiences in the west, are fluent in English and other languages, and are prepared to meet the expanding demand for labor in aging societies like Japan and places like Western Europe.
It boasts the fastest-growing technological hubs and the busiest shipping hubs in the world
Many Asian cities are thought to be among the most important global centers for innovative technology. Singapore, on the other hand, has recently attracted the greatest attention, having been named the world's premier tech innovation hub by KPMG and home to 80% of the world's top tech enterprises. This "Small Silicon Valley" may one day no longer require the qualifier "little." Its rise is owed in no little part to a government that rewards tech companies for innovating locally rather than merely selling a pre-existing product. Sea freight is also one of the region's fastest-growing industries, with Asia home to eight of the world's biggest ports. Singapore fell to second place in total container volume in 2019 after Shanghai and is now followed by Shenzhen, Ningbo, Busan, Hong Kong, Guangzhou, and Qingdao. Only the port of Dubai may be considered a candidate for this select group outside of Asia.
THOUGHTS TO TAKE-AWAY
Regardless of these benefits, organizations who want to expand into Asia must do so from within Asia. The key to making the investment worthwhile is to understand how to develop a strong and sustained Asia presence, and the companies that have made a substantial, long-term difference all have the significant operating capability in the region.