Citi survey regards Asia-Pacific as 'most favoured region'

The survey polled companies across various industry segments including 'Consumer and Retail'; 'Healthcare'; 'Business and Professional Services'; 'Digital, Technology and Communications'; 'Industrials', and 'Non-profit'.

34 per cent of respondents were from organisations headquartered in the Asia-Pacific region.

Inflation and ongoing market volatility remain the primary concerns of business leaders of mid-sized organisations surveyed by CCB. Seventy-two per cent of those surveyed agreed that managing costs or keeping costs down is the greatest challenge to business success they face today.

Close to half said staffing was a challenge, and 38 per cent found managing supply chains an obstacle to success.

Tasnim Ghiawadwala, global head of CCB, said, “It comes as no surprise that inflation and market volatility are 'front of mind' for companies worldwide. Keeping an eye on cost is vital but remembering that the core proposition – what differentiates your company for your customer – is at the heart of success.”

Asia-Pacific was the most favoured region globally for international expansion, particularly among 'Consumer and Retail', and 'Digital, Technology and Communications' companies.

Just over half of those surveyed say that their organisation is considering international expansion in the next year.

Ramachandran A.S., Citi Vietnam’s country officer, said, “These findings speak to the ongoing momentum in commercial activity across the region despite macro headwinds, and the potential for continued growth driven by increasing consumption and favourable demographics.”

"Vietnam is a major production centre in the region and an attractive location for foreign firms as global supply chains continue to shift. As companies look to capture opportunities in Vietnam, we are leveraging our global network to support them with solutions, including improving working capital," he added.

55 per cent of respondents say they are on track for carbon-neutrality by 2050, with healthcare companies leading the way. However, only 37 per cent of respondents said that net-zero and environmental, social, and governance policies are a primary focus for their company.

Citi Commercial Bank’s 2023 Global Industry Insights Report survey was conducted online between April and June. In total, more than 500 mid-sized companies completed the survey - participation was voluntary and responses anonymous.

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