You will be amazed to see the growth rate of most South Asian countries in the past few years. The countries have shown an upward growth trajectory and have lifted many from the doldrums of poverty and bad health. If figures are believed, most such developing nations have shown a skip in rankings growth by 1.3% in three years since 2013.
You can rely on the countries’ economic potential and plan on conducting viable business in the days to come. According to World Bank reports, South Asian countries will continue to show a strong potential for growth through sectors such as agriculture, real estate, and manufacturing. Some of the strongest economies are India, Bangladesh, and Nepal. You also need to consider the countries further east, as they have a vital role in enhancing economies. They include Malaysia, Thailand, and Indonesia, to name a few.
Bangladesh
This country has emerged as the highest exporter of textiles in recent years. Most such countries boast of an internal demand that minimizes outside influence and global turmoil effects. Moreover, the government is also unperturbed by fluctuating dollar rates. To add to it, the low cost of production in the cotton sector has led to its meteoric rise. The positive side is that the western world hugely benefits from the low prices herein. Thus, Bangladesh also boasts of high remittances in all circumstances.
It is one of the few countries which showed no signs of slowing down, even during the Great Recession. There will be domestic demand in the days to come, along with increased construction activity, as many western companies look set to do business in Bangladesh to avoid turmoil in other parts of the globe. The government, too, is relaxed about the norms to take development to its peak.
Singapore
It is another robust economy that drives thousands of companies to its shores. It is one of the top financial hubs in South East Asia that is also the most advanced. You should also know that despite having a small domestic market, and not many natural resources, it still manages to keep its head up. Electronics, manufacturing, tourism, and finance are the primary drivers of the economy. The government also offers the Singapore enterprise-owner grant for startups and foreign business people to take the economy to new heights.
Small businesses and startups can avail themselves of up to S$30,000, equivalent to $3 returns for every $1 raised in the venture. The nation-based incubators also provide mentorship and guidance to the business people. You can also avail yourself of the loans if you gain permanent residency in the island country. Apart from the startup SG, you can also help yourself with other funds like Angel Investors Tax Deduction and more.
Malaysia
It is another country in Southeast Asia that serves as a haven for foreign business people. With low registration costs and precise requirements, most big companies have set shop in the country. You will be amazed to know that it is the second-best country in Southeast Asia, renowned for its ease of setting up a business.
English is the spoken language in both countries, making it easy for foreign investors. The favorable laws for foreign businesses have made it one of the coveted countries for investment for most off-shore manufacturing organizations. Some reasons that make it easy to set up and diversify are our low corporate tax rates, low-cost labor, free trade agreements, and investment guarantee agreements.
India
India is another country that counts itself amongst the top five for ease of business. Almost all countries have their manufacturing hubs in India. India may have lost a little of its glory in recent times due to political upheavals. However, it sprung back again, with liberalization in sectors like insurance, infrastructure, and energy, amongst others. Given the societal challenges, the government has adopted a holistic approach towards foreign investments and industries. India is a highly educated country that boasts of an English-speaking community.
This has also led many westerners to outsource their jobs to India, especially in the IT sector. With more and more foreigners willing to relocate to India, the country is on the way to strengthening the educational sector. If everything goes as planned, the chances are high for becoming the third-largest economy in the next eight years. You can delegate India’s success to the relaxation of several regulatory norms to boost the economy.
These are amongst the top countries in South and Southeast Asia that are the most viable of the lot for accessible business. Moreover, the no-language barrier status makes it better for foreigners to set shop and employ the locals at one-fourth cost.