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Over the past several decades, many countries in the Middle East, Asia, and South America have experienced unprecedented growth. Reduced restrictions combined with increased globalization sparked interest from the worlds largest corporations and investors. Numerous Fortune 500 companies are opening international headquarters for better reach and lower production costs. Business hubs are shifting locations from the West to a better balance across the world. Read below for details on several specific countries and cities.
- Singapore: Conveniently located between China and India, it has transformed into one of the largest trade hubs in the world. It is a favored location for Asia-Pacific headquarters across industries; in fact, 67.5% of 300 of the world's largest companies are present in this small country with a population of only 5.6 million.
- Dubai: The largest city in the United Arab Emirates (UAE), Dubai has become a famous travel destination, for both leisure and business. Many international conferences, exhibitions, and events take place in Dubai, thus expanding its tourism and service industry. Incentives, including tax breaks, have encouraged Western companies' investments. It has a company presence rate of 56%.
- Hong Kong: As a former British colony, it enjoys many freedoms that its neighbor, China, lacks. Combined with its location of being a port city, Hong Kong has risen to become one of the biggest financial centers. A majority of the world's largest insurance companies and investment banks station their Asia-Pacific headquarters here. It also has the largest percentage of company presence, 68%.
These are just a few out of the many. Companies are constantly expanding, looking for potential customers and new markets. Who knows, maybe a few decades later, there will be a brand new list of business hubs.
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