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Beyond Asia                         Growing Beyond
Developed-markets perspectives –
meeting the challenge of changing
global competition
October 2012
Introduction


►   The rise of Asia over the past few decades has transformed the global economic
    landscape, creating opportunities for growth across Asia.
►   A new generation of Asian companies has emerged, taking advantage of increased
    spending power and opportunities in the region.
►   As explored in Beyond Asia: strategies to support the quest for growth, these new
    multinationals are now fanning out across the globe, capitalizing on a platform of strong
    domestic markets, government support and readily available capital, becoming major
    players in international business.
►   This report examines how companies based in developed markets can explore the
    implications of Asian overseas expansion and maximize new opportunities.
►   Offered are practical perspectives into how both Asian and developed-market
    businesses can turn this trend to their advantage and attain a common goal – growth.




Page 1                     Beyond Asia: developed-markets perspective
About this report


                                                     ►   Research for this report is based on a series of in-depth
                                                         interviews with business leaders and Ernst & Young
Beyond Asia: developed-markets                           professionals.
perspectives – meeting the
                                                     ►   Beyond Asia: strategies to support the quest for growth
challenge of changing global                             was based on a survey of 617 business executives
competition complements our                              based in East and Southeast Asia, conducted by the
recent report, Beyond Asia:                              Economist Intelligence Unit in March and April 2012.
strategies to support the quest for                  ►   In both reports, we use the term “Asia” to refer to the
growth, which described the                              nine rapid-growth markets in East and Southeast Asia
overseas expansion strategies of                         that we surveyed, including mainland China, Hong Kong
Asian companies.                                         (SAR), Indonesia, Malaysia, Singapore, South Korea,
                                                         Taiwan, Thailand and Vietnam.
This report explores the                             ►   Globally focused (global) Asian companies are those
implications of Asian business                           with operations in two or more of the following markets:
expansion for companies based                            Australia and New Zealand, Brazil, Eastern Europe,
in developed markets.                                    India, Japan, Latin America, Middle East & North Africa,
                                                         Russia, sub-Saharan Africa, US or Canada, and
                                                         Western Europe.
                                                     ►   Regionally focused (regional) companies are those that
                                                         have operations only in East and Southeast Asia.




Page 2                        Beyond Asia: developed-markets perspective
The story from Beyond Asia


Asian companies have ambitious plans for overseas expansion, moving from their own
region into both rapid-growth and developed markets. Below is a look at where, why and
how both global and regional companies will expand:

                             Global                                              Regional
 Where   ►   Asia, including India, China and rapid-         ►   Outside of Asia, especially in Western
             growth markets such as Indonesia and                Europe, the Middle East and North Africa
             Vietnam
 Why     ►   Access to new customers, sales growth,          ►   Access to skilled workers, natural resources
             new technology and innovations                      or raw materials, low-cost labor, new
                                                                 technology and innovations
 How     ►   Franchises and overseas distribution/sales offices still common
         ►   Partnerships, alliances and M&A
         ►   Need for understanding the nuances of overseas markets
         ►   Need for the capabilities and international outlook required for effectively expanding




Page 3                        Beyond Asia: developed-markets perspective
Key issues and recommended actions


 Key issue                                                                 Recommended actions
                                                                           ►   Have a well-developed, competitive intelligence
 Growing demand for assets from Asian companies has
                                                                           ►   Present yourself as an acquirer of choice
 intensified global competition for acquisitions.
                                                                           ►   Structure acquisitions properly

 As Asian companies seek to develop more sophisticated and                 ►   Think carefully about where you can compete
 high-value products and services, developed-market                        ►   Focus on differentiating yourself in the marketplace
 companies will face much greater competition on cost in their             ►   Refresh your business model to maintain your competitive
 core segments.                                                                edge

                                                                           ►   Develop a clear understanding of the competitive landscape
 Markets outside Asia and the developed markets are becoming                   you are likely to face
 the new battleground for market share.                                    ►   Structure the investment so you can protect your assets,
                                                                               especially from a tax perspective

                                                                           ►   Access the right cost structures and operating models
 Some mid-market segments are becoming crowded, forcing                        (e.g., an alliance or partnership)
 developed-market companies to target the lower-end segment
 in addition to the higher end that they are used to serving.              ►   Consider segmenting your supply chain differently for high-
                                                                               and low-end products

 Developed-market companies can combine forces with Asian                  ►   Find Asian companies’ competency gaps – and fill them
 companies so that both parties make the most of each other’s              ►   Form strong partnerships with Asian companies seeking to
 strengths and capabilities.                                                   fill niche technology gaps

                                                                           ►   Make sure that the right depth of management capabilities is
 Rapid-growth markets are becoming the global centers for key                  in local markets to assume bigger, more global roles
 corporate activities, necessitating considerable investment in
 talent.                                                                   ►   Make the necessary organizational changes to ensure local
                                                                               autonomy




Page 4                                   Beyond Asia: developed-markets perspective
Lessons to learn


►    Asian companies are expanding globally at an extraordinarily rapid rate, giving rise to a
     new generation of Asian multinationals.
►    This could be viewed as a threat for those who do not consider how this expansion will
     affect their business, yet presents many opportunities for those willing to embrace it.
►    Asian companies will be looking for expertise, technology and management capabilities.
►    Developed-market companies can benefit from access to capital and the ability to create
     different cost structures and can gain access to Asian markets.
►    Combining forces between Asian and developed-market companies may be possible
     through partnerships, alliances or M&A.




    Whether minimizing threats or maximizing opportunities, developed-market
    companies need to think more broadly about their strategic options.



Page 5                      Beyond Asia: developed-markets perspective
1
Appendix
Supporting survey results




Page 6                Beyond Asia: developed-markets perspective
Where are Asian companies expanding?


Excluding your company’s home market, which countries or regions do you expect will hold
the best growth opportunities for your company over the next three years?
             For globally focused companies                                  For regionally focused companies

             Mainland China                                  42               Western Europe                         32

                        India                           33        Middle East and North Africa                  28

                   Indonesia                       29                                   Brazil             20

                    Vietnam                   25                                       Russia             18
                                                                              Eastern Europe
 Middle East and North Africa                24                                                      15
                                                                           (excluding Russia)
                       Brazil                24                                 US or Canada         14

             Western Europe                  23                               Mainland China     8

                      Russia            18                                Sub-Saharan Africa     8

               US or Canada             18                                         Singapore     7

   Australia and New Zealand          15                                          Hong Kong      7




Page 7                          Beyond Asia: developed-markets perspective
Why are Asian companies looking to expand
internationally?

What are the most important benefits you would be looking to achieve through international
expansion in developed markets?
                      Benefits of expansion into developed markets
                           New customers and sales growth                                     40
                                Access to new technology or
                                                innovations                                   39

                         Access to new distribution channels                          31
                        Tap a gap in the market for products
                                               and services                         29

                      Spreading risk across different markets                    25

                                   Access to skilled workers                   22

                                   Access to skilled workers                               41
                            Access to natural resources and
                                               raw materials
                                                                                         40

                                    Access to low-cost labor                          39
                              Access to intellectual property                  37
                               Access to new technology or
                                                 innovations                36
                        Tap a gap in the market for products
                                               and services
                                                                          35



                                  Globally focused              Regionally focused

Page 8                    Beyond Asia: developed-markets perspective
How are Asian companies expanding?


As you consider strategies for expansion, which methods will become more important in the
next three years?
          In East and Southeast Asia                                            In developed markets
           Local sales/distribution/                                                                                              35
                     sourcing desk                             46                     Direct exporting                       24
                                                             42
                   Direct exporting                                           Local sales/distribution/                           35
                                                        38                              sourcing desk                                  46
                                                  26
                                                                                                                             24
               Partnership/alliance                     36                                       M&A      2
                                                          40
                                                                                                                             24
                      Joint venture                28                            Partnership/alliance             10
                                                  26
                                                                                                                             23
                              M&A                                             Outsourcing agreement                        19
                                                  24
                                        4
                                                                                                                           21
           Outsourcing agreement                                                         Joint venture        6
                                               23
                                               24
                                                                                                                           20
               Franchise/licensing                                                Franchise/licensing                             34
                                              21
                                                   29
                                                                                       Minority equity                12
             Greenfield investment                                                        investment              9
                                             19
                                             19                                                                       12
                                                                               Greenfield investment          6
         Minority equity investment          18
                                                        36                     Partnership with gov't-            8
                   Partnership with                                                                           5
                                             18                                   owned enterprises
           gov't-owned enterprises
                                                   27
                                            Globally focused        Regionally focused

Page 9                                 Beyond Asia: developed-markets perspective
Ernst & Young
Assurance | Tax | Transactions | Advisory


About Ernst & Young
Ernst & Young is a global leader in assurance, tax,
transaction and advisory services. Worldwide, our
167,000 people are united by our shared values and
an unwavering commitment to quality. We make a
difference by helping our people, our clients and our
wider communities achieve their potential.

Ernst & Young refers to the global organization
of member firms of Ernst & Young Global Limited,
each of which is a separate legal entity.
Ernst & Young Global Limited, a UK company
limited by guarantee, does not provide services
to clients. For more information about our
organization, please visit www.ey.com.

© 2012 EYGM Limited.
All Rights Reserved.
This publication contains information in summary form and
is therefore intended for general guidance only. It is not intended
to be a substitute for detailed research or the exercise of professional
judgment. Neither EYGM Limited nor any other member of the global
Ernst & Young organization can accept any responsibility for loss
occasioned to any person acting or refraining from action as a result of
any material in this publication. On any specific matter, reference should
be made to the appropriate advisor.

EYG no. EX0138
BSC no.1209-1393683

ED none


Growing Beyond
In these challenging economic times,
opportunities still exist for growth. In
Growing Beyond, we’re exploring how
companies can best exploit these
opportunities – by expanding into new
markets, finding new ways to innovate and
taking new approaches to talent. You’ll
gain practical insights into what you need
to do to grow. Join the debate at
www.ey.com/growingbeyond.

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Beyond Asia - developed-markets perspectives – meeting the challenge of changing global competition

  • 1. Beyond Asia Growing Beyond Developed-markets perspectives – meeting the challenge of changing global competition October 2012
  • 2. Introduction ► The rise of Asia over the past few decades has transformed the global economic landscape, creating opportunities for growth across Asia. ► A new generation of Asian companies has emerged, taking advantage of increased spending power and opportunities in the region. ► As explored in Beyond Asia: strategies to support the quest for growth, these new multinationals are now fanning out across the globe, capitalizing on a platform of strong domestic markets, government support and readily available capital, becoming major players in international business. ► This report examines how companies based in developed markets can explore the implications of Asian overseas expansion and maximize new opportunities. ► Offered are practical perspectives into how both Asian and developed-market businesses can turn this trend to their advantage and attain a common goal – growth. Page 1 Beyond Asia: developed-markets perspective
  • 3. About this report ► Research for this report is based on a series of in-depth interviews with business leaders and Ernst & Young Beyond Asia: developed-markets professionals. perspectives – meeting the ► Beyond Asia: strategies to support the quest for growth challenge of changing global was based on a survey of 617 business executives competition complements our based in East and Southeast Asia, conducted by the recent report, Beyond Asia: Economist Intelligence Unit in March and April 2012. strategies to support the quest for ► In both reports, we use the term “Asia” to refer to the growth, which described the nine rapid-growth markets in East and Southeast Asia overseas expansion strategies of that we surveyed, including mainland China, Hong Kong Asian companies. (SAR), Indonesia, Malaysia, Singapore, South Korea, Taiwan, Thailand and Vietnam. This report explores the ► Globally focused (global) Asian companies are those implications of Asian business with operations in two or more of the following markets: expansion for companies based Australia and New Zealand, Brazil, Eastern Europe, in developed markets. India, Japan, Latin America, Middle East & North Africa, Russia, sub-Saharan Africa, US or Canada, and Western Europe. ► Regionally focused (regional) companies are those that have operations only in East and Southeast Asia. Page 2 Beyond Asia: developed-markets perspective
  • 4. The story from Beyond Asia Asian companies have ambitious plans for overseas expansion, moving from their own region into both rapid-growth and developed markets. Below is a look at where, why and how both global and regional companies will expand: Global Regional Where ► Asia, including India, China and rapid- ► Outside of Asia, especially in Western growth markets such as Indonesia and Europe, the Middle East and North Africa Vietnam Why ► Access to new customers, sales growth, ► Access to skilled workers, natural resources new technology and innovations or raw materials, low-cost labor, new technology and innovations How ► Franchises and overseas distribution/sales offices still common ► Partnerships, alliances and M&A ► Need for understanding the nuances of overseas markets ► Need for the capabilities and international outlook required for effectively expanding Page 3 Beyond Asia: developed-markets perspective
  • 5. Key issues and recommended actions Key issue Recommended actions ► Have a well-developed, competitive intelligence Growing demand for assets from Asian companies has ► Present yourself as an acquirer of choice intensified global competition for acquisitions. ► Structure acquisitions properly As Asian companies seek to develop more sophisticated and ► Think carefully about where you can compete high-value products and services, developed-market ► Focus on differentiating yourself in the marketplace companies will face much greater competition on cost in their ► Refresh your business model to maintain your competitive core segments. edge ► Develop a clear understanding of the competitive landscape Markets outside Asia and the developed markets are becoming you are likely to face the new battleground for market share. ► Structure the investment so you can protect your assets, especially from a tax perspective ► Access the right cost structures and operating models Some mid-market segments are becoming crowded, forcing (e.g., an alliance or partnership) developed-market companies to target the lower-end segment in addition to the higher end that they are used to serving. ► Consider segmenting your supply chain differently for high- and low-end products Developed-market companies can combine forces with Asian ► Find Asian companies’ competency gaps – and fill them companies so that both parties make the most of each other’s ► Form strong partnerships with Asian companies seeking to strengths and capabilities. fill niche technology gaps ► Make sure that the right depth of management capabilities is Rapid-growth markets are becoming the global centers for key in local markets to assume bigger, more global roles corporate activities, necessitating considerable investment in talent. ► Make the necessary organizational changes to ensure local autonomy Page 4 Beyond Asia: developed-markets perspective
  • 6. Lessons to learn ► Asian companies are expanding globally at an extraordinarily rapid rate, giving rise to a new generation of Asian multinationals. ► This could be viewed as a threat for those who do not consider how this expansion will affect their business, yet presents many opportunities for those willing to embrace it. ► Asian companies will be looking for expertise, technology and management capabilities. ► Developed-market companies can benefit from access to capital and the ability to create different cost structures and can gain access to Asian markets. ► Combining forces between Asian and developed-market companies may be possible through partnerships, alliances or M&A. Whether minimizing threats or maximizing opportunities, developed-market companies need to think more broadly about their strategic options. Page 5 Beyond Asia: developed-markets perspective 1
  • 7. Appendix Supporting survey results Page 6 Beyond Asia: developed-markets perspective
  • 8. Where are Asian companies expanding? Excluding your company’s home market, which countries or regions do you expect will hold the best growth opportunities for your company over the next three years? For globally focused companies For regionally focused companies Mainland China 42 Western Europe 32 India 33 Middle East and North Africa 28 Indonesia 29 Brazil 20 Vietnam 25 Russia 18 Eastern Europe Middle East and North Africa 24 15 (excluding Russia) Brazil 24 US or Canada 14 Western Europe 23 Mainland China 8 Russia 18 Sub-Saharan Africa 8 US or Canada 18 Singapore 7 Australia and New Zealand 15 Hong Kong 7 Page 7 Beyond Asia: developed-markets perspective
  • 9. Why are Asian companies looking to expand internationally? What are the most important benefits you would be looking to achieve through international expansion in developed markets? Benefits of expansion into developed markets New customers and sales growth 40 Access to new technology or innovations 39 Access to new distribution channels 31 Tap a gap in the market for products and services 29 Spreading risk across different markets 25 Access to skilled workers 22 Access to skilled workers 41 Access to natural resources and raw materials 40 Access to low-cost labor 39 Access to intellectual property 37 Access to new technology or innovations 36 Tap a gap in the market for products and services 35 Globally focused Regionally focused Page 8 Beyond Asia: developed-markets perspective
  • 10. How are Asian companies expanding? As you consider strategies for expansion, which methods will become more important in the next three years? In East and Southeast Asia In developed markets Local sales/distribution/ 35 sourcing desk 46 Direct exporting 24 42 Direct exporting Local sales/distribution/ 35 38 sourcing desk 46 26 24 Partnership/alliance 36 M&A 2 40 24 Joint venture 28 Partnership/alliance 10 26 23 M&A Outsourcing agreement 19 24 4 21 Outsourcing agreement Joint venture 6 23 24 20 Franchise/licensing Franchise/licensing 34 21 29 Minority equity 12 Greenfield investment investment 9 19 19 12 Greenfield investment 6 Minority equity investment 18 36 Partnership with gov't- 8 Partnership with 5 18 owned enterprises gov't-owned enterprises 27 Globally focused Regionally focused Page 9 Beyond Asia: developed-markets perspective
  • 11. Ernst & Young Assurance | Tax | Transactions | Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com. © 2012 EYGM Limited. All Rights Reserved. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. EYG no. EX0138 BSC no.1209-1393683 ED none Growing Beyond In these challenging economic times, opportunities still exist for growth. In Growing Beyond, we’re exploring how companies can best exploit these opportunities – by expanding into new markets, finding new ways to innovate and taking new approaches to talent. You’ll gain practical insights into what you need to do to grow. Join the debate at www.ey.com/growingbeyond.