Doing Business in Asia 2020

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Introduction

Ray : Hi Tammy! How’s everything going?

Tammy : Hi Ray, everything’s good, what about you?

Ray : Great, too! How’s the Philippines right now?

Tammy : Well, even if the Philippines is the first country to close it’s financial market due to COVID-19, I think our economy is now going up gradually. 

Ray : That’s a good news for the Philippines. 

Tammy : Yes, hopefully everything will get better and go back to normal. 

Ray : Yes, hopefully, and some countries in ASIA are actually doing good now, some handled COVID-19 very well, while others had really a hard time doing so. But hopefully, everyone can rise up again.

How is ASIA doing right now

Tammy : I agree, well, I’ve been watching news about the economy and Asia, because the truth is I am also worried about the economy, on how greatly affected everyone is. Despite the huge change that everyone is experiencing, what can you say about Asia’s economy?

Ray : Well, I read some news and articles about how Asia’s economy is coping to the current situation. There are a lot of companies that didn’t imagine and considered the “work-from-home” set up for their employees, as well as using various means of collaboration.

Tammy : That’s right, and aside from that, if the company is not really used to working remotely, then it will be very difficult for the company to do their task, especially when a group discussion or brainstorming is needed. 

Ray : And since everything now is unpredictable, adjustment is very important. And the 3 key things to consider are connectivity, enterprise infrastructure and remote management tools.

Tammy : That’s a great point. And I agree with you, for me, those companies who are trying to survive must not worry, as I read in some articles that the normalcy might come sooner. 

Ray : Hopefully, and that ASIA’s Economy will rise up again. As you know, ASIA is the home of some powerful markets. It has experienced tremendous economic growth over the years, mainly due to the size of the markets, the resources that the different countries have to contribute, strategic locations, expanding infrastructure and affordable labour.

Tammy : And that is why some Investors build businesses in Asian countries such as Singapore, Malaysia, India, Hong Kong. This seems to be a constant positive correlation due to their rapidly expanding economies which continue to stimulate growth in various business sectors.

Ray : Talking about the pandemic challenges, ASEAN countries are helping each other to recover and that stakeholders must be prepared to reimagine their country’s economy in five areas: manufacturing hubs, green infrastructure, investments in digital, talent reskilling, and high-value food industries.

Tammy : In addition to that, digital services at B2B service companies or going digital – is the new normal, they say. 

Ray : And since we are all facing the pandemic challenge, and it is the first time for everyone to encounter such challenges. The financial-planning process for 2021 is an opportunity to turn hard-earned lessons from the COVID-19 pandemic. 

Tammy : I agree with you, with different countries, have different approaches on this kind of situation. As well as with different companies has different reactions. Let’s say how do start-up companies react to the current situation?

Ray : Well, Let’s take a look at how some Southeast Asian startups have been dealing with COVID-19. Remote working is by no means a new concept to Southeast Asia. In fact, remote working has been thriving for some time in the region, with startups especially. Many startups with remote teams were able to adapt swiftly.

Tammy : Good! Then it’s Business as usual for them, it’s a good thing that start-up companies have already adapted digital before they start their business. But what about the companies whose core dealings happen offline?

Ray : Well, they have to adapt as well in order to survive, we have the podcast titled “ Adapting Digital to the New Normal”, that can be found on our website. This might help them answer their questions as to why they need to adapt digital. 

Tammy : Oh Yes, anyway. What I can say is that the big challenges that the Asian country is facing is that travel, tourism and hospitality, which I personally think that this will not go back to normal anytime soon. 

Ray : Sad truth, but come to think of it, it’s for the better of everyone, since social distancing is required to prevent from spreading the virus, business related trip or leisure has been cancelled.

Tammy : So, this has one of the big reasons why Asia’s economy has been greatly affected. 

3 reason why do business in ASIA

Ray : With all we mentioned, from How ASIA economy is doing, and coping and how it was affected. Is it still okay to do business in ASIA?

Tammy : I personally think that despite everything, The tech industry in Asia is booming, and the opportunities aren’t limited to technology. The economies in countries throughout Asia are rising, creating opportunities to grow businesses in a multitude of industries.

Ray : A fast developing environment indeed. Asia has become extraordinarily tech focused and innovative. World-class tech hubs are growing in Singapore, Hong Kong, Tokyo and other Asian cities. Advancing technology, government support and tax breaks create a favorable environment to nurture businesses.

Tammy : And a Huge population and market it is! As well as advanced infrastructure. Major cities in Asia have advanced infrastructure that makes setting up businesses easier. 

Ray : With the help of technologies and digitals, Business makes it easier for some. 

Tammy : That’s right, Ray!

Ray : There are a lot of benefits actually, in doing business in Asia. 

Tammy : I agree with you Ray, like for example, When an investor seeks new locations for expanding a business empire, they look for what that location can offer and how it can be beneficial towards their businesses. 

Ray : Of course Business would consider these 3 things on top of their list. First is a strategic location, second is the relative ease of doing business, and the Third is a stable legal, political and economic environment. 

Tammy : Oh this is actually great, as we offer companies set up in countries that are on the list, you may visit our website at www.uniprohk.com to learn more about that. Also, I think it is also great if they consider low tax. Right

Ray : That’s right!

Tammy : I am not an expert in business, but this is only what I researched. How do you successfully do business in Asia? 

Ray : Well, Each business is different and should be run in a different way.

Tammy : Agree!  but the general guideline of running a business successfully in Asia will tend to include these things. First, Working with a local partner, second is understanding the local society, Third, Remember that the Asian way of doing business is not the same as the Western way. 

Ray : So it means you also have to know the culture of the country you chose to work with right. 

Tammy : right! After all, given the pandemic, it is still okay to do business in Asia, the economy might get better early next year.

Ray : Who knows right!

Tammy : yes!

Ray : Cool, a great Asia economy topic we had today.

Tammy : Indeed it is! Happy Mid-Autumn Festival!

Ray : You too! Bye!

Tammy : Bye!

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