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Singapore and Southeast Asia are the best places for business travel
Study shows that pressing the flesh and saying hello provide an edge when conducting business in Asia
When it comes to profiting from business deals, Singapore is tops.
The study also found that companies from Southeast Asia generate the highest return on investment (ROI) from business travel of any region within Asia Pacific.
The findings highlighted the importance of face-to-face meetings when doing business in the Asia.
“On a global basis, the analysis was conclusive that company performance is directly tied to business travel," said Adam Sacks, managing director of Oxford Economics, speaking at travel trade show ITB Asia.
"For Asia, the relationship was particularly striking as the region seems to place a premium on face-to-face meetings."
Within the Asia-Pacific region, Singapore and China yield the higher ROI of business travel. The findings demonstrated that every US$1 invested in business travel could yield a return of US$15.70 and US$13.80 for Singapore and China, respectively.
Sacks based the Asian business travel research on an earlier report, “Business Travel: A Catalyst for Economic Performance,” by the WTTC that was launched at WTTC’s Global Summit in Las Vegas in May.
Key findings from the report show that global business travelers believe that 50 percent of their prospective customers are converted to new customers after an in-person meeting compared with 31 percent without such a meeting.
The research was conducted by surveying 500 global business travelers (in Brazil, China, Germany, Britain and the United States) and through an economic research analysis covering 190 countries.