Role of Technology in Asian Economy

  

drone tech asia

Economic theory reveals that one Economy is a Technological Innovator while another Economy is the Technology Adopter. It refers to the idea that the innovations in the industry of Technology play a significant role in the economic growth and financial development of any country or region. The two basic models of Advanced Technology are Innovations and Adoption. Innovations are the models which are the new technological methods invented to grow economy and Adoptions are the models which stress on learning some methods and strategies from other largest economies and inheriting those methods

The Global Automotive Industry and Automotive production centers are prominent in emerging developed economies of Asia. This industry considered the consumer demands with regards to Styling, Safety, Maintenance, Comfort and Manufacturing Efficiency. The Automobile countries of Asian region are China, India, Indonesia and Thailand.
Thailand is the largest automobile export industry of Asia. It is growing very fast with the International trade systems. Indian Automobile Industry is also very prominent because it caters very efficiently with the domestic and external demands of consumers. Indonesian Industry of Automobile is the set dominated by three major Car manufacturers of Japan and contributing to exports and economic growth. Moreover, advancements in the Security, Quality and Specialization of automotive products is very necessary in the economic growth and number of serious customers.
Internet has also increased the rate of economic growth with its effective trends. Internet serves as a vast range in the economic activity. Internet provides millions of daily online transactions and communications, smart phone downloads and TV shows which contribute to the global growth, productivity and employment. Large firms are managed through internet and those online firms are contributing to the economic growth of Asia. Internet Access also increases the growth in the Education field. With the use of internet common people as well as business people are facilitated because they can conduct large scale business firms and can get plenty of information in very little time. One of the researches demonstrates that the web accounts of India, Brazil, China, South Korea and Sweden prove as the significant models of growth of global GDP. The internet accounted 21% GDP (Gross Domestic Production) growth in the last five years among developed economies.
The advancements in cell phone accessories also contribute to the economy of a region. The well known cell phone largest companies are introducing new products and innovations in the previous models to catch the attention of customers. In 2014, mobile technologies and services generated 4.7 percent of the GDP in Asia. Moreover in 2014, the industry encourages public funding and contributes $130 billion in the form of general taxation. South Korea has well known mobile companies such as Samsung and LG.
TV and Entertainment services also pay attention to the economic growth and export systems. Taiwan is one of the Asian countries with the top competitive and free media. Cable Televisions, Newspapers, music, political channels, Radio, Magazines and Periodicals are the part of Taiwan media.

 

Trends in South Korean Market

  

Trends in South Korean Market

South Korea is one of the developing countries in Asia. Besides China and India, the country has a wide spread history which is found in its culture and customs. In the past the country faced lots of economical challenges but due to growth of several sectors in the area, the country has got a great economical health. At present, the country stands among the leading countries of the world.

Confucian Concepts of Etiquettes:
Confucius is one of the major trends to do business in South Korea. Confucius refers to the system of political and social ethics by a Chinese Philosopher emphasizing order, moderation and difference between superiors and sub ordinates. The business relationships in South Korea are formed with respect to the maximum age, best education and authoritative skills and capabilities. Korean business person will ask you about many facts such as marital status, age, qualification, educational grades, experience and many other things before making business interactions and relationships. Their queries will also inform how they are treating you.
Secured Relationships:
South Korean people avoid doing business with strange people. Unless, they do not trust you or do not have close and secured relationship, they would not share any data or information related to their company. Number of non-business conversations and interactions will help to get acquainted with the business people and to build a trustful relationship. These little talks will also help you to decide whether to start business with the related company or person or not. And also satisfy their queries in deciding to form business connections.
Socialization:
The best way to know the business people and their concerns is to socialize with them outside of the business departments and companies. Lunch, dinners, shopping and other informal occasions are very helpful to know each other personally and to understand their demands and concerns.
Business Punctuality:
South Korea is one of the countries with the good sense and implementation of business punctuality. Arriving in meetings and business conferences is one of the way of punctual business processes. Moreover, in South Korea the trend of business cards is very common. Business cards are the great source of information of the person you are meeting for business concerns. Information including your title, educational qualifications, your current position and requirements can be understood very easily through business cards.
The Bow and the Handshake:
It is the custom of South Korea to bow or shake hands and a symbol of respect by South Korean people. If you are meeting someone who is elder than you, it is customary for you to begin the bow. Shaking hands with both hands is regarded as a sign of respect.
Investors are looking at the trends of the South Korean market. The country welcomes the investors for investment in several sectors like agriculture, mining, fishing, automobile, electronics and manufacturing. It is good way of investment for investors to get interested in the South Korean finance market and get a huge result.

 

China and Business

  

china business shanghai

The Chinese economy is the second largest in the world and this offers many beneficial offers to business entrepreneur from the western world. The current economy of the country makes it the most ideal for young western business men and women. The best business ideas to incorporate in the country stems from those of the western world and modified to bettersuite the culture of the eastern world.

The education field is dominated by the Universities in China however, there is great opportunity for foreign educators and education providers. You will need to get proper licensing for the ministry of education of the country but this can be easily accomplished with the aid of a Chinese partner. This vast amount of plenty as it relates to opportunities not only exists for the entrepreneurs of the education field but also for many other small business owners. Small wine companies will succeed in this economy. The Chinese market for wines has recently seen an increase in the accessibility of foreign wines. The Chinese people have not yet become very picky about the wines they partake of.
Many of China's people are becoming city dwellers looking to enjoy what tech and the twenty first century provides. This leads Chinese people to migrate to their cities. It also creates a need for more convenient food and the quality of brand names. This open up the market for processed food importers. There is also the need for green tech and materials regardless of the country having the world's largest construction industry. The country is a leader in the solar energy game.
The Chinese population is quite aged and this creates the need for better medical devices. Foreign entities that supply medical devices of the highest tech have found a very lucrative market in this country. The major problems that these providers face is the intellectual property and registration of products and the pricing of those products. China tops the Asian travel market and it is growing exponentially. The government of the country has extended the tourist season in hopes of attracting more visitors and providing more opportunities for travel.
The economy of China can be described as explosive and as such, business owners may need the aid of consulting firms and consultants. The aid needed may include human resource, investment and legal consulting. This is a first in the country's history as their former economy had no room for this. The resources native to the land are still hard to come by. The booming economy of the country creates a need for high tech security. The providers of high tech security systems also have very lucrative opportunities for great business success.
The aviation sector of China's government is expected and predicted to purchase over four hundred and eighty billion dollars' worth of aviation equipment.Manufactures of aviation parts will have a market that they will reap success created by the purchase forecast of the country's aviation sector. Chocolate is a treat that the entire country enjoys and very picky about. The business of chocolate as it relates to the Chinese government is a booming one with customer looking to satisfy their desire for chocolatey delights. Products of every quality have found a place in this countries market. The importers of this delicious treat have a market to do business that is so radical it is open to almost every and any professionally created chocolate product.
The economy of china is one that is so diverse that it is virtually compatible with the businesses of the western world. There are a few things to consider when preparing to do business in the Chinese economy. It is important to study and accept the business practices of the country. You have to ensure you have a government approved plan of business. Ensure you partner up with someone from the country to make transition of your business smooth and effortlessly. It might be time consuming to trademark but you should do so to your ideas and may be the most important thing is to hire locals with all types and needed experiences. Patients will be a determining factor in your business' success in this country still so governed by tradition. Any attitude that will contradict the rules of the nation will only serve to ensure any and all your business ventures fail.

 

China stake in London gold vault

  

gold bars

Located in an undisclosed section within London is Europe's biggest and heavily protected gold vault. Its security is the best in the world and known to investment circles as the mini version for Fort Knox. Its roof is secured by electrified currents that can hold back all forms of assault and thievery. It has blast doors able to withstand grenades that are of military grade and with the firepower of a rocket launcher. It has state of the art fingerprint sensors able to detect blood flows within your veins and body system. The gold vault once belonged to Barclays who was the rightful owner of the vault for 4 years.

For a period, ownership of the vault was transferred to the overseas representatives for China's ICBC Standard bank in 2016. The vault has a storage capacity of $80 billion worth of gold bullions. Barclays handed over the keys after conclusion of the deal. None of the terms, pricing arrangements and deal details were disclosed to the public and remain a closely held secret. It is within Barclays strategy to slowly offload assets related to the commodities business in order to focus on its core commercial banking activities.
ICBC Bank, the Chinese national bank sought to purchase the facility in order to facilitate expansion plans and reach to the heart of London. Their aim is to solidify its status and force as a main price setter for various rare earths commodities right from gold up to nickel. London has long been the traditional gateway for trading gold bullion and has remained as the capital for hundreds of years. The physical trading for precious metals hub will remain in London despite rumors speculating the shift in demand to eastern world. Precious metals investors' number one concern is safety of their physical gold under their name, as commented by former executive for Barclays commodities section. London is the prime place for gold storage which offers highest safety and ease of mind.
There has been more than $5 trillion worth of transacted gold volume cleared in London alone, with increasing volume year on year over past years. ICBC officially became part member for e-clearing system mainly in the precious metals trade located in London, one of the first new member since 2005. ICBC Standard commodities head Mr Mark Buncombe commented that gaining membership status will spur better execution of the bank in the precious metals trading market. London has been the main physical gold trade clearing hub. However, China became the globally largest gold consumer, surpassing India who long held the pole position. Shanghai Gold Exchanges recently launched a brand new benchmark pricing to go head to head with London Gold Price standard.
Many western banks were cutting back on commodities trading business segment due to increased regulatory burden from various banking regulators since the global financial crisis. Barclays had once been fined 26 million pounds about 2 year back by UK financial authority due to manipulation of gold bullion price setting mechanism by one rogue trader. It is a serious manipulation due to the widespread reliance on the price by parties ranging from established banks to jewelers in the gold trade.
A complete overhaul was made to the 100 year old gold price setting system and transition was made to the digital world. UK regulatory bodies now heavily regulate the gold and silver pricing benchmarks. Barclays has been mulling a potential sale for the precious metals enterprise segment and are evaluating proposals from multiple fronts. It is no longer a potential viable profit generating business segment and Barclays will be willing to offload the businesses should an attractive offer come by.
 
ICBC Standard Bank is a leading financial markets and commodities bank that benefits from its unique Chinese and African parentage. We provide a strategic global markets position and an unparalleled level of expertise.  Headquartered in London, ICBC Standard Bank Plc also has operations in Dubai, Hong Kong, Shanghai, Singapore, New York, and Tokyo.

On 1 February 2015, Industrial and Commercial Bank of China Limited (ICBC) acquired a controlling stake in Standard Bank's London-based Global Markets business. The acquisition included Standard Bank Plc, the Standard Bank Group's UK subsidiary and the primary legal entity in the UK, as well as other international operations. Standard Bank Plc was subsequently renamed ICBC Standard Bank Plc to incorporate the new parentage.

The union of ICBC and Standard Bank creates a platform to serve the growing demands of Chinese clients for global commodities, fixed income, currency and equities products while continuing as a distribution platform for African risk.

Economic partnership between Powerhouses

  

handshake

In December 2017 foreign ministers of Russia, India, and China met for their fifteenth ministerial trilateral meeting in New Delhi. They want to boost further bilateral relations and trade.

China, India and Russia economic influence has been on the rise. Along with another emerging economy Brazil, China as well as India will attain the status as global dominant suppliers for manufactured goods as well as services, while Russia and Brazil plays a key role as raw materials suppliers for the upcoming decades to come. Russia became a key exporter of energy as well as military supply for India and China. Efficiency of trade is achieved due to close proximity between the 3 powerhouse nations. For years they have forged a beneficial trade partnership for all parties. Overall economic growth within Asia was spurred by the economic trades and partnerships. It is imperative for the economic partnership to remain solid for many years to come in order to power up growth for the whole Asian region. Did you know BRIC is an acronym for countries of Brazil, Russia, India and China.
China and Russia trade relationship have come a long way. In 2009, Transneft, the government owned monopoly for state oil pipeline, declared that the 2 countries had signed a 20 year energy deal worth $25 billion that will see Russia supplying fifteen million tons worth of oil and China in return providing government loans. OAO Rosneft and Transneft will be the loan benediciaries with each receiving $15 billion and $10 billion respectively. The pipeline stretches from west of Siberia, about 45 miles up north from China Russian country broders. China views the deal as being able to reduce oil import risks. Vladimir Putin commended on the deal as a win for steady oil market for Russia. Russia is on track to be China's largest supplier for energy within the coming 10 to 15 years as commented by Vice Prime Minister for Russia. The deal will catapult Russia as the biggest oil market in Asia.
India and Russia were established trade partners for many years. India has been sourcing military weapons from Russia, which includes planes, tanks as well as nuclear power. India's economy is powered by the services sectors and lacks natural resources. India will need 3 times the amount of oil it currently consumes. It needs new energy source and supplies or else its economic growth will stutter. India has partnered with Russia for its oil supplies and Russia is also dependent on India for steady oil and military contract revenues. It is estimated that total exports for military items and goods totaled $35 billion over a span of 40 years. Russia and India share military intelligence and technology for mutual benefits via production and sharing agreements. The latest venture is partnership to produce fighter aircrafts that will last for 50 years. The ultimate aim is to develop cutting edge technology and to greatly cut down production costs in order to mass manufacture the jets. It is currently developing the 5th generation aircraft and good progress has been made.
China, India and Russia's influence on the global scene cannot be underestimated for the coming years in the future. By 2050, together with Brazil, these 4 economies will be richer than current superpowers in the West. Each country has their strengths and unique growth engine. China's large surplus in its current account, Russia's abundance of raw materials and India's professional and well established services sector especially IT software and technology are prime evidence of focusing on their existing specializations and grow as a whole by fostering solid partnerships in economic terms in order to promote smooth trade and deals.
It is a matter of time before the 3 nations powers the growth for the whole world. They are becoming more dominant and have the capability to produce quality goods for the benefit of consumers worldwide.

 

Highly Popular Business Start Ups in Japan

  

business in japan

For those with an entrepreneurial kick in them, you may visit Japan's entrepreneurial websites for some business ideas that are well received among the foreign population staying in Japan. They may not guarantee overnight fortune that will propel your net worth to astronomical zone. The enterprises may not even be sufficient for paying the bills. However, if you have the drive and dedication, small start-ups have unlimited growth potential to morph into a giant cash machine for the owners.

First business on the list to start is import as well as export or international trading. Japan seems to have it all and is a well know shopping haven. Name a good and you can find it at your nearest mall. However there is a market segment for marketing international goods to locals. These products may just be the one that Japanese has been looking for but could not get their hands on. Foreigners have taken the import as well as export business by storm by shipping in and out food, delicacies, clothing, cars and niche machineries. Next on the list is launching a restaurant. Japanese has cravings for international cuisines as well and it is one of the relatively easy businesses to manage. You can open a restaurant serving Indian curry or American burgers and there are no shortages of similar restaurants sprouting up in big cities. Expat segments are also a key target market and this has created employment opportunities for foreign labor.
Next up is launching travel agencies. Being a foreigner in Japan, the privilege of traveling freely is essential and there are times where you need to travel out of the country frequently. An emergency back home is usually one of the main reasons for booking the next flight back home. There is a tremendous market for retailing more affordable year round tickets unlike those offered by travel agents in Japan where tickets are usually marketed to travellers who take up package tours. Small scale companies in system engineering can be a business of choice if you have the skills. IT skills and labor is high in demand where big corporations like Panasonic are always on the lookout for talent. For those who dislike bureaucracy from a dull corporate environment, there are no shortages of IT engineering contracts for all independent contractors to bid for. It is definitely a market worth exploring.
Entrepreneurs can consider launching language schools. Many foreigners are looking for structured classes to enhance their grasp of Japanese language or any foreign language they intend to master. Classes that are popular and gifted teachers can venture out by starting small and slowly increasing scale.Another business segment worth exploring is sale of electronics. You can set up a venture dedicated for assisting in electronics installation and earn a small fee for your service. There are demands for this kind of service.
Another area of business is in the translation segment. There are countless different unique business languages and there will always be a need for translating technical documents in law or accounting. Acupuncture services that have remedial benefits to one's health are gaining traction and many have gotten into the game by helping people stay healthy while being remunerated financially. If you have the writing skills, one can consider opening up a publishing house by sourcing for creative writers and marketing their books to the local audience.
Last but not least, dancing is becoming a social norm and dance schools are increasingly popular. One can consider providing dance lessons, similar to language lesson by slowly building up a small client base before scaling up.

 

How Russia Oil Market Affects their Economy

  

clearing

OPEC and allies' production cuts have prompted analysts to raise their forecast for oil prices at $56 per barrel in 2018.

Russia has become a huge contributor to the availability of oil in the world, reaching the number 12% by the statistic, including oil production and export. It made Russia be the second largest oil contributors in the world. They gave 70% of the Oil Production in the form of crude oil to the global world, and only 30% used on their own. They transfer the crude oil through the Transneft pipeline. This pipeline owned by Russia and monopole by them. They also export more than 80% of their natural gas, timber, and metals. On 2007, Russia has 8.1% Gross Domestic Product and made it be a number seven on economic expansion. This country economic had grown rapidly from the years of 2000 until 2007. And this growth really depending on oil and natural gas export. The high world oil prices made it even better. On 2004, this economic boom was being controlled by the government through the stabilization fund. On 2007, this fund reaches $158 billion, which means 12% of country GDP.

In winter 2008, the oil world price has decreased from over $60 per barrel to $40 per barrel and made a significant decreased to their GDP, made the government realized that the country had not had to depend on oil export only. This up and down of oil world price made Russia's economic sector became vulnerable, more than the other country. The ascension of $1 of oil world price, Russia will earn $1,7 billion a year. Though so, the long slumps of oil world price will mess the count on what Russia was expecting. There were two most intensive periods when Russia's economic was changed. It has happened in 2008 when the world price of oil grew to 8%, but then have a contraction until 6.5% in 2009. This extreme period has made the economics of Russia became unstable.
The decreasing of oil world price considered to have a possibility to impact the devaluation of Russian currency, Ruble. There was a big hole in the economic calculation of the budget. They have to trim their expenditure in 2009 to survive their economic condition.
Russia did the biggest oil export to U.S and Europe, but then both of these countries have a recession, and government makes a policy to reduce consumption of oil. This policy has made Russia oil demand to decrease. Then the Russia government steer the wheel to Asia-Pacific oil market, which has a rapid and significant needs of oil. Large economic growth country like China, South Korea, and Japan have made Russian oil quality price higher among them.
Russia expected the ascension of oil world price, so they will soon make a recovery as the global economic recovered. Also, Russia might slip off from the global financial crisis as the ascension of the oil price. On 2010, the expert has predicted the price of oil will be about $70 until $75 per barrel, which means they will have an additional budget from about $19,5 billion to $26 billion.

Organizations for the modern future

  

world view

The future will always be unknown and change is constant throughout our lives. Technology advancement has allowed us to fulfill our ambitions and pace of new discoveries are speeding up as time goes by. Asia is a developing region where new industry entrants are disrupting the old industry landscape while the established players are constantly adapting modern methods. Asia is home to 50% of the population and many companies' expansion plans are fixed on the Asian region.

Wealth creation within Asia is rising at a quick pace. World Wealth 2017 Report stated:
  • The big three markets – Asia-Pacific, North America, and Europe – contributed equally to a global increase in HNWI growth in 2016, pushing HNWI population upward by 7.5% and wealth by 8.2%. While Asia-Pacific remains the world's largest-HNWI market, its growth slowed slightly, putting it on par with growth rates in North America and Europe, both of which substantially boosted HNWI expansion in 2016 following slower growth a year earlier.
  • A handful of markets (including Russia, Brazil, and Canada) dramatically reversed course from declines suffered a year ago. Russia grew both population and wealth at about 20%, the fastest of all the markets, following modest decreases a year before, while Brazil rebounded from a sharp setback a year ago to register double-digit increases in both population and wealth.
  • The market rankings for HNWI population shifted considerably, with France surpassing the U.K. to take the number-five spot and Sweden moving up two places to penetrate the top 25 for the first time. Other markets to climb up (by one place) included Russia, Norway, and Austria.

Ultra-HNWIs6 reassumed their traditional role of acting as drivers of overall HNWI growth, climbing by 9.2% in terms of wealth and 8.3% in population. The increase boosted growth in markets with a high proportion of ultra-HNWI wealth, such as Brazil, where ultra-HNWIs account for 87.1% of overall HNWI wealth.

The 2016 World Wealth Report projection that HNWI wealth would surpass US$100 trillion by 2025 still holds, with global HNWI wealth needing to expand at a relatively lower annual rate of 5.9% in order to hit this mark, down from the 6.1% projected last year. To support the momentum, however, Asia-Pacific must return to setting a faster pace than the global average.
The business landscape is ever evolving. One of the main changes is in consumer purchasing habits. Consumers empowered by technology and tools have increasingly higher expectations. There is a rise in aging consumers in Japan and surge in young educated population in India. The diverse consumer groups calls for tailored solutions by businesses. Another main change is that there are always new technology inventions coming up that serve as industry disruptors. Established institutions are always on the guard of new market players. Risks such as cyber-attacks targeting financial institutions are more widespread. There are also opportunities as well such as the rise in fintech on the Asian scene. About 20 active fintech accelerators all around Asia have set up base in Singapore and Hong Kong hoping to attract talent and start up to power new future industries. Fintech investments in Asia alone had grown 4 times in 2015. For instance, ASX implemented blockchain, a new technology in the database segment.
Third changing force is the use of big data as well as insights. Data is ever expanding globally and organizations need to be able to extract valuable information for monetization. They need to invest infrastructure for analyzing consumer data and patterns. One form of innovative technology is the Thomson Reuters Intel Tagging tool. Progress can be made in quantum computing. Organizations that adopt these tools are bound to have a competitive advantage over their rivals. There is significant rise in volatility as well as uncertainty. Stocks, commodities and forex markets have experienced large swings. Corporations have to factor in market movement and attempt to comprehend market dynamics and use it to their advantage. One key event is the Swiss Bank's actions of uplifting peg for its currency. Negative interest rate policies are another key event which highlights the uncertainties. This has far reaching impact in terms of cost of funding for project investment decisions. Cutting edge tools need to be invested in order to beef up the speed of forex deals. Thomson Reuters proprietary FX can help corporations achieve efficiency and best deal executions.
Another main force is China's internationalization. China is becoming a heavyweight in powering global growth. Progress is being made to engage with the world and one such example can be seen from Shanghai and Hong Kong Stock Market Connect program launched in 2014. China is stepping up its market reformation policies. RMB trading will gain higher prominence in years to come as acknowledged by IMF. RMB was recently included as a fifth reserve currency on the SDR. Regulations are also changing with times and will affect corporations with a global presence. Transparency is key to smooth business conduct and compliance is increasingly important for financial institutions. Corporations with quick and accurate access to regulatory pronouncements can assess the impact early and make changes to their business conducts.
Risk management is an important aspect when running a large organization. Top leaders are always navigating various risks in the market, operational and internal front. Having good customer data tracking system is a good solution to managing risks. Know Your Customers or KYC is an important acronym in the banking sector where stringent procedures are needed to manage client relationship and regulatory compliance. Asia is becoming a global trade hub which will account for more than 40% of worldwide trade volume by year 2030. One Belt and One Road ambitious project aims to solidify Asia's position as a trade hub by investing heavily on infrastructure. Corporations have to manage their supply chain effectively using technology in order to minimize supply disruptions.
Asia is home to many rising wealthy individuals. Opportunities are abound on private wealth management sector and corporations financial institutions must stand ready to capture market share on the money management sector. Ethics must be maintained throughout all business dealings as economies developed with greater respect for law and regulations. Corporations must continuously refine their code of conducts and best practices in order to preserve the trust and connection with their customers.

 

Practical Insights to navigate the world

  

citi

Michael Zink, former head of Citibank's Southeast Asia region, had provided key career lessons that are timeless and practical for one who is looking to work around the world gaining international exposures. He will be concluding his 27 year journey around 10 countries and will head back to the US and settle down for a comfortable retirement.

The first advice he shared was to always have faith in your team and eventually you can reap the rewards. Michael was heading a start-up top management team in 1994 in order to fortify Citi's banking roots in Russia. A bold decision was made to employ young graduates in their young 20s without any banking experience. The graduates are all very smart and talented with big dreams. It was tough bringing up the young team but the experienced bankers managed to pull through which cemented the leadership succession status and drove Citi's business growth in the Russian region. The once raw talent rose become country leaders in Kazakhstan as well as Vietnam.
The second advice was to put in place leaders who can resonate well with clientele demographics and have high employee engagement. This is to call for a diverse set of team leaders who can reach out to different segment of the client base and employee profiles. This will bring out the best in employees and earning trust to serve society in the best possible manner. The Singaporean branch is a testament to the ideals that Citi worked hard to achieve. The top investment banking head, private banking head, commercial banking head and operations head consists of female Singaporeans. Singaporeans dominate the local leadership teams. Diversity is truly a necessity to create organizational value.
The third advice is to sharpen your skills and contribute more to rise up the ranks. Many people have this misconception that only millennials wants to contribute to meaningful work and have high learning exposures. This is not true as young graduates from the 1950s have the same notion and aspirations to work hard and be successful. Michael was tasked to handle operations in Port Gentil, a small town in West Africa. The young Michael was clueless on running a branch and did not get things going and voiced his concern to the country head for Africa. The advice he had was to be productive and useful to the organization. It hit him right in the head and proceeded to manage the branch with ease which propelled his career progression. It was intense but it boils down to perseverance and willingness to learn and fall and re-learn.
The final advice that he could offer is to seek out mentors and follow the paths of good role models. Michael was a very ambitious young lad and after about 10 years working for Citi and having 4 children, he started having difficulty balancing career aspirations and family commitments. He seek out a senior officer in Citi and managed to find out about 2 role models which had given him invaluable advice and actual evidence of having a good career while staying happily married. Always distinguish between mentors who will guide you in your career and do not hesitate to seek out role models who will guide you in your life. Be sure to show your gratitude by passing on the wisdom to the next generation after benefitting from you role model and mentor's time and generosity.
The world is huge and there are never ending stories to be heard and witnessed. Be bold to cross out of your comfort zone and stepping into a foreign country. Michael Zink is ever ready to contribute his humble opinion should anyone call upon him.

 

Economic Growth In Developing Nation, Philippines

  

Philippines city

An International Organization of 189 countries, the IMF (International Monetary Fund), which facilitates the international trade and always strives for the sustained economic growth, shows 2017 projected 6.6% GDP growth with Inflation rate at 3.1%.

The Philippines country Population: 106.268 million has a status in the world economy in outsourcing business process. As it is endowed with the natural reserves like nickel, oil, coal and with a strong industrial background, the country is firmly growing mainly because of its penetrating foreign investments and remittances. The Philippine economy grew by 6.9 percent year-on-year in the first half of 2016, making it the strongest performer among major East Asian developing economies including China, Indonesia, Thailand, Malaysia and Vietnam.

Here is a recent Statement by the Hon. Carlos G. Dominguez, Governor of the World Bank for Philippines on October 13, 2017

The Philippines has emerged as an important engine of growth for East Asia. We are now the second fastest growing economy in the region.

We are aspiring to achieve a growth rate of 7% this year and through the medium term. That is a rate of growth we consider sustainable given our macroeconomic fundamentals. It is a rate of growth that will happen through increased investments in modernizing our infrastructure.

The increased investments in infrastructure will be pursued without sacrificing the fiscal stability we worked so hard to achieve. We intend to fund the investments through official development assistance and a substantially broader revenue base.

A comprehensive tax reform program has been prepared to ensure a reliable flow of revenues. This will, in addition, help us reshape our economic growth to be investments-led. The new revenue architecture will be conducive to investments, simpler and easier to implement. It will be a powerful tool for achieving inclusive economic development for the Philippines.

The first, and more politically challenging component of this package is in the advanced stages of legislation. We expect the new tax policies introduced in this component to be enacted by the end of the year. The investment community warmly welcomes this package of measures and will consider enactment an indication of government's political will to do what is necessary to achieve inclusive growth.

The infrastructure program will be the main stimulus to help sustain high growth. That program is well on its way. We programmed infrastructure investments at more than a trillion Philippine pesos annually into the medium term. The whole of government is primed to see this program proceed as scheduled.

Rapid growth will be assisted by what we call a demographic “sweet spot.” Over the next few years, the Philippines will have one of the youngest workforces in the world. We are investing in the health and education of young Filipinos. This will ensure a robust base of competitive human capital. The high growth rate we are fostering will help ensure young Filipinos will not want for quality jobs in the future.

By improving our national logistics backbone, we hope to achieve dramatic improvements in both agriculture and industry. We will support this with trade facilitation, further liberalization in more areas of the economy and the achievement of an orderly political community.

There are, to be sure, some areas in the country with serious security concerns. The Philippines has become a frontline state in the global effort to contain terrorism. This year, we faced our biggest challenge as a large force of terrorists occupied parts of the southern Philippine city of Marawi. That challenge had been decisively quashed.

We expect Mindanao to lead our economic growth. With abundant mineral resources and rich agricultural land, the island holds much potential for wealth creation. That potential has been stymied by many decades of armed conflict. The present leadership aims to achieve both peace and prosperity in Mindanao over the next few years. A major portion of our infrastructure investments will go to Mindanao, helping support business activity and reducing poverty.

Philippine politics is habitually turbulent. Fortunately, there is always more sound than substance in the apparent turbulence. We are confident in sustaining the stability and sound governance that are preconditions to progress. The present leadership is unrelenting in realizing administrative reforms and fighting corruption.

Regional developments will help support our strong economic performance. The ASEAN Free Trade Area is moving ahead as scheduled. Regionalization will support industrialization. A large and increasingly prosperous regional common market will provide a nurturing base for our industries, and hence for our expanded trade with the rest of the world.

We are actively cultivating bilateral and multilateral partnerships to support our own development. These reliable partnerships have been helpful in realizing the inclusive growth we pursue.

In sum, we are moving forward as planned. The regional context is hospitable. The resurgence of global economic growth will help us sustain ours. A broad global consensus for freer trade overwhelms those instances where protectionism seems on the rise.

We are optimistic about the future. We are confident in our own ability to push forward with a viable strategy for rapid economic expansion. We are proud to perform our newfound role as a vital engine for regional and global growth.

In this beneficial context, we will be relentless in finding complementarities with our regional partners. We will be decisive in seizing opportunities. We will be assertive in transforming our economy to bring the best benefits for our people.

  
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