Over the past decade, awareness among Western business leaders about the strategic importance of the Asia-Pacific region has greatly increased. China is looming ever larger in the calculations of Western business strategists searching for new markets, whilst the recent flurry of M&A activity involving Asian and Western firms has resulted in a transformation of the competitive landscape of SE Asia, and a substantial presence for US and European multinationals. Western managers thus have more exposure to Asia than ever before and yet for most, their understanding of the business environment remains superficial. Although there might be an awareness of concepts such as guanxi, there is little knowledge of how such concepts work, and their implications for doing business in such a different and notoriously difficult business terrain. [INSEAD annotation]
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