A new foreign market that has a competent workforce, modern infrastructure, and business-friendly regulations is an entrepreneur’s dream. And international expansion is the name of the game for many entrepreneurs who want to have a share of the global market.
Organizations can explore new markets with the right business strategy. As an Investor, one must know the target users, competitors, local market trends, and labor laws of the country identified to expand.
In recent years these countries have proven to be the places to jumpstart a global conquest for your business.
The land down under has many opportunities for future business expansions. However, few entrepreneurs realize that Australia is the 12th most profitable economy in the world. It has a well-balanced economy fueled by agriculture, livestock, manufacturing, and IT.
According to World Bank figures, Australia’s GDP valued at $1330.90 billion (US) in 2020. Australia has attracted most of the prominent countries in the global economy like the USA and UK are already the biggest investors, followed by Belgium, Japan, and HK, which means there are a lot of developed businesses who plan to expand their presence in the local market. Australia is one of the most interesting regions for international expansion, as it is a convenient hub to the Asia Pacific.
Indonesia has seen tremendous economic development. It is the world’s fourth most populated country with 280 million inhabitants and the 10th largest economy by purchasing power parity. New employees that are entering the workforce are highly educated and greatly adapt to modern technologies.
As a member of G-20, it was able to maintain continuous economic development up to the COVID-19 crisis, recently qualifying the country for upper-middle-income classification by the World Bank.
Malaysia’s successful diversification of its economy made it a major exporter of electrical appliances, spare parts, and components. Almost 40% of Malaysia’s jobs are connected to export industries with a highly-trained IT and manufacturing services workforce. The country’s openness to trade and investment has played a role in job creation and income growth. Malaysia’s economy has been growing at a rate of 5.4 percent on average since 2010. It aims to shift from an upper-middle-income to a high-income economy by 2024. It moves closer to becoming a high-income economy. Malaysia’s incremental growth will rely less on factor accumulation and more on increasing productivity to maintain potential growth.
The Philippines’ economic vitality is founded on strong consumer demand backed by a lively labor market and substantial remittances from an internationally recognized competitive workforce. It’s the effect of expanding urbanization and a growing middle-class population. Business activity is booming, with substantial gains in the services sector, which includes BPO, real estate, tourism, and the banking and insurance industries. The Philippine educational system was patterned from the Americans. Hence, most employees are college-educated and speak English fluently, making them an ideal global staff.
As Southeast Asia’s most competitive economies, Singapore has a high-income classification that provides one of the world’s friendliest regulatory environments for local businesses. Moreover, it ranks the best country in the world in human capital development. As a result, Singaporeans are one of the best workforces for various industries.
Thailand is a development success story because of its robust economic growth and significant poverty reduction. This expansion resulted in thousands of available jobs. Local and foreign businesses witnessed its extraordinary social and economic growth as they expanded to this promising nation. In addition, Thailand’s excellent agriculture and manufacturing industries and the booming tech sector created a diverse workforce. They’re now on the stage where they train their youth to become globally competent through upgrades in their educational systems.
Vietnam has made significant economic progress. It shows resilience from the business setbacks by the Covid-19 epidemic. Vietnam’s rising middle class, which presently makes up 13% of the population, is anticipated to grow to 26% by 2026. It continues to develop its human capital through education and skills training. Vietnam became a center for international investment and industries. Electronics businesses from Japan and Korea and European and American clothing brands have set up their manufacturing here.
Belgium ranks as the 25th world’s largest economy in terms of the nominal GDP and ranks as the 12th largest economy in Europe. Its service sector industry generates the majority of its GDP, which comprises service businesses in the transport and communications, finance, and distribution/retail sectors. The nation has a modern transportation facility, excellent infrastructure and is focused on international connections.
Bulgaria has seen a tremendous shift. It has transitioned from a highly controlled, planned economy to an open, market-based, upper-middle-income country firmly rooted in the European Union (EU). It provides a competent workforce and cost-effective manufacturing and transportation expenses due to its fast-growing economy.
France ranks as the eighth largest economy in the world and is part of the European Union. It also has vast stretches of farmlands. These three factors, along with modern technology and EU subsidies, have combined to make France the continent’s largest agricultural producer and exporter. France and the World Bank Group collaborate to develop development policies that address a wide range of worldwide issues to reach millions of people in the world’s poorest countries.
Portugal has a typically good quality of life as a result of its economy’s robust expansion. With almost 11 million people, it’s a great base of operations for businesses looking to expand internationally. In addition, Portugal is now a member of the World Bank Group, which consists of five institutions. Portugal and the World Bank collaborate with other member nations to fund projects, develop policies, and implement programs to alleviate extreme poverty and increase shared prosperity.
The World Bank classified Romania as a high-income nation. This is a significant milestone in terms of investment rating judgments. In addition, the Bucharest Stock Exchange (BVB) officially became an emerging market (GEIS).
It takes an average of 8 days to establish a new company, ranking Romania 48th in the World Bank’s Ease of Doing Business rankings. Romania has a highly educated workforce with excellent foreign language skills. There are many highly qualified experts and ambitious grads to choose from. The number of shared services, research and development centers, and highly skilled IT employees in the country is increasing.
Spain produces more automobiles, steel, and wind turbines than the United Kingdom. It’s a stable and established democracy, a haven for developing businesses. Spain’s economy is the world’s ninth biggest. It now faces the task of joining the G8, which is a realistic goal for a country with ambitious long-term ambitions and aspirations. In reality, the country and its administration continue to strive for long-awaited improvements, which means growth and economic possibilities await your enterprise.
Canada is a worldwide example of stability, long-term prosperity, and economic inclusion, and its solid and long-standing cooperation with the World Bank Group helps to promote these values. It is a founding member of the World Bank, and it has a significant influence on the organization’s development goals. The World Bank Group receives more than 60% of Canada’s official development aid to international financial organizations.
The United States is still the World Bank Group’s largest shareholder today. The American market is big but saturated. Hence, many entrepreneurs find it insufficient. However, expanding in the United States provides several opportunities.
Madagascar, an island republic off the coast of southern Africa in the Indian Ocean. France has been the major trading partner of Madagascar since its independence.
The recent elections resulted in the restoration of constitutional order and a seamless political transition, which aided in restoring investor confidence, the reopening of key export markets, the restoration of concessional financing flows, and the stimulation of structural reforms. In addition, improved labor market conditions and decreased poverty rates reflected these positive trends.
Mauritius is an island nation off the southeast coast of Africa, bordering the French island of La Reunion. It is your gateway to the African market.
It is simple to start a business in Mauritius. International entrepreneurs can establish their businesses in Mauritius in three working days, with up to 100 percent foreign ownership. Furthermore, there is no requirement for a minimum amount of foreign capital to establish a company and begin operations in Mauritius.
It is a free-market economy with no exchange regulation. This means that there are no restrictions on transferring dividends, capital, or profits from Mauritius to other countries.
With the world getting more flat, motivation to expand globally gives higher possibilities for expansion and growth. There are many more foreign opportunities to list them all here. There are other rapidly growing, less competitive markets out there.
Entrepreneurs may find an opportunity to sell something anywhere, but it will take more time and effort. Outsourcing HR and admin tasks from an Employer of Record (EOR) service provider can simplify this complicated process. Contact us today and see how our EOR services can help you out.
Olivia Yu has decades of experience in the Human Resources industry. She’s the Regional Director for Asia Pacific of a famous international HR company. Olivia’s international experience inspires her to write articles about human resources and global staffing.