The Asia Business Council conducted its annual survey of members in July 2023. Nearly half of the respondents show a growing optimism about business conditions in the upcoming year, anticipating Asian economies will continue to recover from the Covid-19 pandemic. However, economic challenges are at the forefront of their minds, with concerns about inflation, followed by fears of a recession.
Over 70% of respondents believe U.S.-China tensions present more risk than opportunities, which has prompted a strategic pivot of diversifying operations. Notably, India has now surpassed mainland China as a preferred investment destination. In response to climate change, 65% of respondents are increasingly integrating climate action into their core operations. This commitment is further demonstrated in their philanthropic efforts, with a focus on energy-related initiatives. There’s also a drive towards gender diversity, with some respondents prioritizing the need to increase female representation in their workforce and leadership. These trends not only highlight the evolving business landscape in Asia, but also underscore a commitment to social responsibility and sustainability amid global challenges.