Growth Potential in Asia

I recently went on a trip to Asia and I wanted to share with you my experience. After a 16 hour flight direct from Newark, NJ I arrived in the heart of Asia “Hong Kong”. I had the wonderful opportunity to stay with a family who has lived in Hong Kong for almost 55 years. Being this was my first time to Asia I was not sure what to expect, but I knew going into this trip that I was going to be open to everything.

Hong Kong means Fragrant Harbor and was formerly a British Colony and was handed over to the People’s Republic of China in 1997. Even though they are now part of China they have their own currency (Hong Kong Dollar) and the Hong Kong Government is financially independent from the Government of The People’s Republic of China. The city of Hong Kong is very industrialized and is growing by the second. As of today there are currently 7 million people living in Hong Kong, everyone speaks both English and Cantonese and it is known as the safest city in Asia.

One of the things I enjoyed most about Hong Kong was how genuine the people are there. They make you feel right at home and welcome you with open arms.  During my 10 days there I saw a great deal of the city. Hong Kong has it all from great restaurants, to great markets, to magnificent views. Even for me a person whose biggest pet peeve is to shop I enjoyed it, because the best part was I could bargain the price and walk away feeling good about what I paid for it.

I found Hong Kong to be one of most fascinating cities I have ever been to and one of the main reasons I went there was to educate myself on the potential business opportunities Asia has to offer. On my plane ride over I read a really interesting article from USA TODAY. The article was called “Asia Holds Growth Potential”. The article talks about how the recent recession has whet US companies appetite for growth in Asia. In 2008, nearly half of the US companies surveyed saw their China-based businesses perform better than the overall company, the US-China Business Council found in a poll of its members. The percentage of US companies whose China operations are profitable is 84% to 16% not profitable. The results show that the once-prevalent notion that US companies “cannot be profitable in China is a myth,” says John Frisbie, the council’s president.  American companies that are able to break into the Asian market will have the potential to leverage the consumer base of some of the fastest growing economies in the world. Some of the American industries that are betting on Asia: Pharmaceuticals, Autos, Casinos and Consumer Products.

I would highly recommend all entrepreneurs to visit Asia, but especially Hong Kong as it is a one-of-kind city and is full of opportunity for the global enterprise.