Best Asia-Pacific cities for your business
Let’s have a look together at the 2022 Asia & Pacific 's top business cities, in case you 're planning to expand your empire towards the other side of the world, in an area that is already changing and on top of new technologies.
From Bangalore to Beijing, via Melbourne or Singapore, here are the top ranked Asia Pacific cities to start or continue your business adventure.
Did you know ?
- Asia Pacific, and especially Asia, is the land of tech unicorns (a unicorn is a privately held company with a market valuation of one billion U.S. dollars or more, not only a super-horse).
- As of 2021, there were 301 unicorns headquartered in China, which accounted for two thirds of all unicorns in Asia-Pacific. Asia accounted for over 40 percent of all unicorns worldwide, and North America & Asia Pacific regions were home to nearly 90 percent of all unicorn companies worldwide, in terms of value .
You are into figures ?
As of 2021, ByteDance, the Chinese tech company which owns Tiktok, was valued at about $350 billion, which made it the highest valued unicorn globally.
The expert’s voice, Minh Mai, Recruitment Manager Vietnam : “Why not Ho Chi Minh?”
“Vietnam, the dragon of Asia, is forecast to become the second-largest economy in Southeast Asia after Indonesia and the 20th-largest economy in the world by 2036 (by CEBR)
Ho Chi Minh city is the largest city in Vietnam and also considered as Vietnam's economic hub. Having a strategic location advantage in Southeast Asia, with a modern and high infrastructure system and supported by the most crowded well qualified human resources in the country, the city holds the leading role in driving the economic and social development of Vietnam.
The city is also popular for the affordable cost of living, rich culture, and the overall dynamic and young vibe.”
The best cities for your business
Bangalore is know as the ‘Silicon Valley’ of India. It is home to several venture capital giants and India’s tech talents. The city is already home to major technology companies like Cisco, Capgemini, Accenture, Oracle, IBM, TCS and Infosys. We also have an office there !
India has one of the biggest markets on the planet. Entrepreneurs work almost a full hour more than entrepreneurs in Silicon Valley (10.86 hours compared to 9.95) and are about three years older on average than SV’s entrepreneurs. Technology can appear a bit outdated though, compared to Silicon Valley : take the opportunity to upgrade this field !
China is growing to be the fastest-growing country in the world. With impeccable advancements in technology and every other sector, Beijing can be the next city you will want to develop a business in. All the more, the business establishments in Beijing will have business procedures that are much simplified than before. The businesses will have low costs for the establishment and greater government transparency and the help of the new and better government reforms can make things easier.
Some key figures: 100 billionaires are known in Beijing (33 more than last year), for an total net worth of $484.3 billion.
Melbourne ranks among the top 15 best cities for business in the world. There is a lot of investment done in all the sectors like the food industry, digital technologies, professional services, medical technologies, and pharmaceuticals as well. The Australian government too is making reforms for the new businesses and their growth, to attract investors and talents.
Melbourne’s most notable challenge: funding. Startups receive 86% less funding than Silicon Valley startups and have difficulty acquiring capital when they want to grow.
Daejeon, South Korea
Daejeon was just a small village at the start of the 20th Century, but the arrival of the railways quickly formed it into a transportation hub. Now the city of 1.5 million people, roughly centrally located in South Korea, is sometimes called Korea’s Silicon Valley. It’s still a transport hub for road and rail (Seoul is 50 minutes by high-speed train) but it’s also where much of South Korea’s science and technology development happens.
Everything from biotech firms to green science happens here, and it’s home to the Korea Advanced Institute of Science and Technology, which develops hi-tech robots.
Perhaps the best-known high-tech concentration in China is the Shenzhen Hi-Tech Industrial Park. Before 1979 it was just a small village in Guandong Province near Hong Kong. Then it became the first of China’s Special Economic Zones (regions which are afforded an extra degree of freedom and investment compared to other parts of the nation) and it’s flourished. It’s now one of the fastest-growing cities in the world, attracting billions in investment, often from foreign firms.
Big name firms like Huawei have facilities in the area, alongside huge manufacturing facilities owned by companies like Foxconn.
Some key figures: 60 billionaires are known in Beijing (24 more than last year), for an total net worth of $415.3 billion.
Singapore is the proud home of several top global universities and is renowned for its advanced high-tech infrastructure. The Singapore government is committed to making it appealing to tech companies and budding entrepreneurs, implementing friendly policies and taxes. Companies like Google and Facebook have also already established large operations there.
In addition, Singapore’s proximity to China and India is an encouraging fact for entrepreneurs who hope to expand globally. It’s central location poises it to become the startup hub of Asia. Its entrepreneurs are just as educated as those in Silicon Valley, and they rely more on incubators and self-funding than angels or venture capital.