Many business plans in Asia are ‘a recipe for disappointment’ says Economist Intelligence Unit

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2007-03-13 11:37

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Hong Kong--(뉴스와이어)--Business ambitions are running ahead of realities in Asia says the Economist Intelligence Unit after surveying more than 240 CEOs in Asia. Almost every business leader in every major industrial sector expects their business to grow faster than the region’s economies. Yet business leaders also say that their biggest problem is that they cannot find enough staff. “Regional business heads are setting bullish targets in Asia but are struggling to hire enough workers of a sufficient standard to meet those targets,” says Graeme Maxton, a regional director at the Economist Intelligence Unit in Asia. “It looks like a recipe for disappointment.” Some business sectors in Asia will grow faster than the regional economy whereas a few inward investors will gain market share through acquisitions. However the Economist Intelligence Unit forecasts many businesses in Asia will fall short of their targets.

The survey also reveals that most (59%) of Western firms have no plans to move any of their most senior managers to the region, despite Asia’s growing importance.

Other major findings of the survey:

India proves tougher than expected - Foreign direct investment almost doubled in India in 2006 and companies report that sales have exceeded their expectations. But the survey finds that profits have fallen well short of plans especially in consumer goods and telecoms.

China proves better than expected - Despite intellectual property theft, a shortage of people and wage inflation, the survey shows that China has exceeded corporate expectations in sales and profitability. Ambitions are growing too. Almost every business expects sales to grow faster in 2007 despite a slowing of the economy.

Japan remains a disappointment - After years of investment, Japan remains a frustration. Business leaders say sales and profits still fall short of expectations in almost every industrial sector. ‘Cultural differences’ are seen as the main barrier.

South-East Asia is a jewel - In contrast, the ASEAN markets have beaten business expectations for the past five years · in both sales and profits. Does political risk matter so little?, asks the Economist Intelligence Unit.

Buy them the latest PDAs - what should companies do when wages are not enough? The survey produced lots of ideas · mentoring, employee networks, training and career plans, for example. Other suggestions were quirkier · create a good corporate website, give them the latest gadgets or employ a good chef.

About the Economist Intelligence Unit

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About Corporate Network

Corporate Network is the Economist Intelligence Unit's exclusive, membership-based senior executive briefing and networking service. Independent, thought provoking, and opinion-leading, Corporate Network is led by experts who share a profound knowledge and understanding of business issues. It has regional business groups in Central and Eastern Europe, Middle East & Africa and Asia Pacific in addition to country programmes in China, Japan, Russia and Turkey.

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