Singapore tops the most-favoured destination for business expansion

Singapore retains its top spot as Asia’s favorite business expansion destination, the Straits Times Online reported on Wednesday quoting a UOB survey.

The survey showed 32 percent of the 2,500 business leaders polled said they would choose Singapore as the market to expand into in the next 3-5 years.

Second after Singapore is Japan with 29 percent followed by Vietnam’s28 percent while China was placed 9th with 22 percent.

The poll also found that China continues to be the top expansion destination for Singapore companies, similar to 2014 poll findings. Of the 300 Singapore companies polled, 56 percent of them are already doing business or operating in China.

Poll results also showed that rising costs, increasing competition and falling consumer demand are the main causes weighing on business growth in the region.

The Asian Enterprise Survey was first conducted in 2014 and it is now in its second edition. It surveyed mid-cap companies in six markets � China, Indonesia, Hong Kong, Singapore, Thailand and Malaysia.

Source: Thai Public Broadcasting Service (Thai PBS)