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Section 2 – Growth
A S I A - PAC I F I C I S T O P G R OWT H O P P O R T U N I T Y
Respondent organisations are generally positive about the long-term prospects of the USA as a growth opportunity. Opportunities are possible even in sectors and markets where conditions are challenging if the quality of the product or service is sufficiently strong.
S P END I NG POWE R I N AS I A WI L L I NCR EAS E . THE MARK E T FOR LUXURY I T EMS HAS B E EN I NCR EAS I NG … THE R E WI L L B E GROWTH FOR THE NEXT 1 0 TO 2 0 YEAR S I N TH I S AR EA . THE HONG KONG DEMONS TRAT I ONS I NTRODUCED THE THR EAT OF UNR E S T I NTO AN AR EA THAT HAS B E EN H I S TOR I CAL LY VE RY S TAB L E . THE R E I S AL SO POL I T I CAL R I S K I N MALAYS I A AND, I N PART I CULAR , I NDONE S I A .
SUCCE S S CAN B E ALMOS T I RR E L EVANT TO THE GROWTH LANDS CAP E OR S ECTOR . WE TH I NK THE R E AR E P L ENTY OF OP PORTUN I T I E S TO I NCR EAS E SAL E S , EVEN I N OUR TRAD I T I ONAL , MATUR E MARK E T S BUT DO I NG TH I S R EQU I R E S THAT WE DE L I VE R THE S E RV I CE S WE OF F E R I NCR ED I B LY WE L L AND P E R FORM B E T T E R THAN OUR COMP E T I TOR S
Expanding demand is the key factor encouraging entry into new and emerging markets and Asia-Pacific presents the primary demand led opportunity for the businesses consulted for this year’s Looking Glass. Asia-Pacific markets are perceived to offer the best long-term growth potential because of an expanding middle class, economic growth and demand opportunity across a wide range of products and services, placing it ahead of Middle East, Russia, Africa and South America. Two thirds of General Counsel believe the region presents a growth opportunity for their organisation and a half are confident that their ability to do business in the region will improve over time. Political risks are a concern in the region, particularly China’s trading relationship with the rest of the world in the wake of COVID-19, and the threat the situation poses to the viability of China’s manufacturing plants. Competing on price against low-cost local competition can also be a challenge.
Tim O’Gorman, General Counsel and Company Secretary, Halfords Group
Ronald Cheung, Legal and Risk Management, Fung Group
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