Continents on Earth

8/6/2019 Continents on Earth

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Continents of earth in terms of business

environment

Globalization is a process of interaction and integration among the people, companies,and governments of different nations, a process driven by international trade andinvestment and aided by information technology. This process has effects on theenvironment, on culture, on political systems, on economic development and prosperity,and on human physical well-being in societies around the world.

Globalization is not new, though. For thousands of years, peopleand, later,corporationshave been buying from and selling to each other in lands at greatdistances, such as through the famed Silk Road across Central Asia that connectedChina and Europe during the Middle Ages. Likewise, for centuries, people andcorporations have invested in enterprises in other countries. In fact, many of the

features of the current wave of globalization are similar to those prevailing before theoutbreak of the First World War in 1914.


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But policy and technological developments of the past few decades have spurredincreases in cross-border trade, investment, and migration so large that many observersbelieve the world has entered a qualitatively new phase in its economic development.Since 1950, for example, the volume of world trade has increased by 20 times, and from

just 1997 to 1999 flows of foreign investment nearly doubled, from $468 billion to $827

billion. Distinguishing this current wave of globalization from earlier ones, authorThomas Friedman has said that today globalization is farther, faster, cheaper, anddeeper.

This current wave of globalization has been driven by policies that have openedeconomies domestically and internationally. In the years since the Second World War,and especially during the past two decades, many governments have adopted free-market economic systems, vastly increasing their own productive potential and creatingmyriad new opportunities for international trade and investment. Governments alsohave negotiated dramatic reductions in barriers to commerce and have establishedinternational agreements to promote trade in goods, services, and investment. Taking

advantage of new opportunities in foreign markets, corporations have built foreignfactories and established production and marketing arrangements with foreign partners.A defining feature of globalization, therefore, is an international industrial and financialbusiness structure.

Technology has been the other principal driver of globalization. Advances in informationtechnology, in particular, have dramatically transformed economic life. Informationtechnologies have given all sorts of individual economic actorsconsumers, investors,businessesvaluable new tools for identifying and pursuing economic opportunities,including faster and more informed analyses of economic trends around the world, easytransfers of assets, and collaboration with far-flung partners.

Globalization is deeply controversial, however. Proponents of globalization argue that itallows poor countries and their citizens to develop economically and raise theirstandards of living, while opponents of globalization claim that the creation of anunfettered international free market has benefited multinational corporations in theWestern world at the expense of local enterprises, local cultures, and common people.Resistance to globalization has therefore taken shape both at a popular and at agovernmental level as people and governments try to manage the flow of capital, labor,goods, and ideas that constitute the current wave of globalization.

To find the right balance between benefits and costs associated with globalization,citizens of all nations need to understand how globalization works and the policychoices facing them and their societies.


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THE CONTINENT OF AFRICAN

The AFRICAN conceptual framework is based on the newer theories that see the

evolution of comparative advantage as influenced by the business climatea key publicgoodand by external economies between clusters of firms entering in related sectors.Macroeconomic data from purchasing power parity (PPP), though impreciselymeasured, estimates confirms that Africa is high-cost relative to its levels of income andproductivity. This finding is compared with firm-level evidence from surveys undertakenfor Investment Climate Assessments in 2000-2004. These confirm a pattern of generallylow productivity, and also suggest the importance of high indirect costs and business-environment-related losses in depressing the productivity of African firms relative tothose in other countries. There are differences between African countries, however, withsome showing evidence of a stronger business community and better business climate.Finally, the paper adopts a political-economy perspective on the prospects for reform of

Africas business climate, considering African attitudes to business and the fracturednature of African business sectors as between indigenous, minority and foreigninvestors. The latter have far higher productivity and a greater propensity to export;however, Africas difficult business climate and the tendency to overcome this byworking in ethnic networks slows new entry and may decrease the incentives of keyparts of the business community form constituting an aggressive pressure group forreform. Even though reforms are moving forward in several countries, this slows theirimpact and raises the possibility that countries settle into a low-productivity equilibrium.

BEST COMPANIES IN AFRICA

1.Standard Bank Group

Rank in Africa: 1Forbes Global Rank: 266Country: South AfricaIndustry: BankingSales ($Bil): 18.41Profits ($Bil): 1.54Assets ($Bil): 137.97Market Value ($Bil): 17.39Profile: Founded in South Africa in 1862, Standard Bank Group is Africas largestcompany and operates in 38 countries around the world, including 18 in Africa. 2007was a busy year for the company, with the company acquiring controlling interest inIBTC Chartered Bank in Nigeria in August 2007. This gave subsidiary Stanbic BankNigeria Limited significant presence in the Nigerian market.

In the same month, Standard Bank Group also acquired a 67% share of the Turkish


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bank Dundas nl Securities and now operates in Turkey under the name of Standardnl.

In October 2007 the Industrial and Commercial Bank of China acquired a stake of about20% in Standard Bank for US$5.5bn. Half the stake will come from ICBC acquiring

existing shares and half from new shares. ICBC will also get two seats on the board ofdirectors.

2.FirstRand

Rank in Africa: 2Forbes Global Rank: 308Country: South AfricaIndustry: Banking

Sales ($Bil): 18.41Profits ($Bil): 1.54Assets ($Bil): 137.97Market Value ($Bil): 17.39Profile: FirstRand was created in April 1998 through the merger of the financial serviceinterests of Anglo American Corporation of South Africa Limited (AAC) and RMBHoldings Limited (RMBH).

With International operations on all the continents, FirstRand has a strong presence inSouth Africa, where it employs 42 882 people and has a retail franchise footprint of 766branches and 4997 ATM'S in Southern Africa alone.

3.Sasol

Rank in Africa: 3Forbes Global Rank: 349Country: South AfricaIndustry: Oil & GasSales ($Bil): 13.91Profits ($Bil): 2.41

Assets ($Bil): 16.76Market Value ($Bil): 32.65Profile: Founded in 1950, Sasol is the largest company on the continent involved inmining, energy, chemicals and synfuels. In particular, they produce petrol and dieselprofitably from coal and natural gas using Fischer-Tropsch synthesis. The company hasfactories at Sasolburg and Secunda and has taken a stake in projects underconstruction in Qatar (Oryx GTL), Iran (Arya Polymers) and Nigeria (Escravos GTL).


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4.MTN Group

Rank in Africa: 4

Forbes Global Rank: 522Country: South AfricaIndustry: TelecommunicationsSales ($Bil): 7.35Profits ($Bil): 1.51Assets ($Bil): 13.44Market Value ($Bil): 29.72Profile: Launched in 1994, MTN Group is Africas largest telecommunications companyand is active over 21 countries in Africa and the Middle East. As at the end of December2006, MTN recorded more than 40 million subscribers across its operations.

5.Sanlam

Rank in Africa: 5Forbes Global Rank: 631Country: South AfricaIndustry: InsuranceSales ($Bil): 10.29Profits ($Bil): 1.03Assets ($Bil): 47.32

Market Value ($Bil): 5.65Profile: Established in 1918, Sanlam is one of Africas leading financial services groupbased in South Africa. The company is also involved elsewhere in Africa, Europe andthe United Kingdom.The Sanlam Group conducts its business through Sanlam Limited, the corporate headoffice and four business clusters - Life Insurance cluster consists of Sanlam PersonalFinance (SPF) and Sanlam Employee Benefits (SEB); Short-term Insurance cluster,Santam; the Investment cluster, driven by Sanlam Investment Management and 11other businesses; and the Independent Financial Services cluster invests inindependent entities and intermediary business in the financial services industry.


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THE CONTINENT OF AUSTRALIA

Strength, stability and open government

Australia is a politically and economically stable democratic nation that provides easyaccess to Asia Pacific markets. New South Wales (NSW) has one of the lowest riskbusiness environments in the Asia Pacific.

Flexible, accountable financial practices, open regulation and transparent governmentpolicy make NSW an advantageous base for international companies in the AsiaPacific.

NSW has a deregulated financial system with no controls on foreign exchange and aderegulated telecommunications market.

The legal system in Australia is a mixture of common law and statute and both domesticand foreign companies have the same standing before the law.

Australia has among the world's best competition laws and an independent judiciary.Australia's intellectual property protection is ranked number two in the Asia Pacific andnumber ten globally.

Time zone advantageSydney's time zone, ten hours ahead of GMT, spans the closing of the North Americanbusiness day and the opening of business in Europe. Sydney's market trades ahead of

Tokyo, Hong Kong and Singapore.

Favourable tax systemThe company income tax rate is 30% in Australia. There are no restrictions on capitalflow, profit remittances, capital repatriation, transfers or royalties and trade-relatedpayments.

Competitive business costsNSW continues to prove its competitive advantage as an Asia Pacific business base by

offering the threefold benefits of lower salaries for highly skilled labour, economicaloperating costs and comprehensive, low-cost infrastructure.

Sydney offers global city status at an affordable price and is a less expensive city thanSeoul, Tokyo, Hong Kong, London, Paris and Singapore.

Outgoings for salaries and office space in Sydney are well below those of other majorinternational business capitals.


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NSW has a highly educated population and almost 25% of NSW residents were bornoverseas, with more than 200 languages spoken in the State.

Australia's immigration system may allow entry of specialist staff into Australia on a

temporary or permanent basis where vacancies cannot be filled from the Australianlabour market or through training programs.

World class infrastructure and communicationsNSW offers reliable communications, transport, utilities, business support services andsuperior commercial property, at more competitive costs than other major Asianbusiness centres.

In regional NSW, the NSW Government has increased business appeal by cuttingpower bills for regional businesses, reforming rail freight, reducing port charges and

streamlining the land-use planning approvals process.Sydney has a world-class telecommunications infrastructure. Four high-capacityinternational fibre-optic cable networks, with 1.2 terabit capacity, link Australia with theUS, Europe and Asia. Sydney is also a major internet exchange point andtelecommunications hub. Competitive pricing and a choice of carriers make internationalcall costs among the lowest in the region.

Australian domestic networks consist of fibre-optic, wireless, satellite and microwavesystems. Fibre-optic is the predominant technology. Major networks are Dense WaveDivision Multiplexing (DWDM) based, enabling an easy upgrade.

Asymmetric Digital Subscriber Line (ADSL) technology provides data speeds between256 kbps to more than 2 Mbps, giving companies and homes access to Internet speeds30 to 50 times faster than standard dial-up service.

The NSW Government is committed to providing an extensive, low cost wirelessbroadband network, initially to seven cities surrounding and including Sydney.

Educated workforceNSW is home to a multilingual and well educated workforce. In 2006, more than twomillion employees in NSW or 64% of the total held post-school qualifications.

More languages are spoken in NSW than in any other State, with almost 1.2 millionresidents speaking a language other than English at home in their homes as at theCensus in 2001, and 91 per cent of them located in Sydney.

These language skills provide a cultural advantage for export-oriented Australiancompanies.


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Business and skilled migrationNew South Wales welcomes business migrants who plan to set up a business or investin New South Wales.

BEST COMPANIES IN AUSTRALIA

1. BHP Billiton

BHP Billiton, which is a result of a merger between BHP and Billiton, is the worldslargest mining and resources company. Headquartered in Melbourne, the company alsohas offices scattered around the world including in London, Perth, Johannesburg,Singapore, Santiago, Houston, The Hague and Shanghai. More than 38,000 people areemployed with BHP Billiton, spanning across a 25-country operation.

2. National Australia Bank (NAB)

NAB is presently the number one banking and financial institution in Australia, and is the

largest bank both by net worth and customer base. Apart from its native country,National Australia Bank also operates in 10 other countries, providing services to over 8million customers. The growth of NAB from a small outfit to the huge size today ismainly driven by merger and acquisition exercises.

3.Commonwealth Bank

First established in early 20th century by the Australian government, theCommonwealth Bank rose steadily to become one of the big four banks in the country.

The bank has major presence in Australia, New Zealand, United Kingdom as well as therest of Asia continent. For many years, the bank has been named the Best Bank in theannual Australia Banking and Finance Award.


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4. Rio Tinto

Rio Tinto is an international corporation with core business in mining and resources, justlike BHP Billiton. It is also one of the largest coal mining companies in the world. Thecompanys original name came from a Spanish mining avenue, which was acquired by

a British corporation, who then eventually made its way to the world down under.Among of the commodities produced by Rio Tinto are iron ore, copper, industrialminerals, diamonds and so on.

5. ANZ Banking

Commonly called ANZ, the bank stands for Australia and New Zealand Banking GroupLimited and is a premier player in the commercial and retail banking. As the namestands, it is only natural to know that the bank has the biggest operations in Australia

and New Zealand. In addition to the two countries, ANZ also has market presence in 25other countries, with particular to the South Pacific and Asia region.


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THE CONTINENT OF EUROPE

In the run-up to the completion of the single market the Community has endeavoured in

particular to remove any obstacles to cross-border business activity, so as to helpcompanies take advantage of new commercial opportunities on partner countriesmarkets and, in general, to improve the environment in which Union business operates.Nevertheless, because of the complex nature of certain European provisions andinadequate knowledge of the European legislationconcerned [see section 3.3],businessmen often regard that legislation as an impediment to the entrepreneurial spirit.The European Union should therefore ensure that the impact of its legislation onenterprises, in particularSMEs, is not in conflict with the common objective of seeingenterprises reach their full development in the single market.

The European institutions try, indeed, to take into account the problems and conditions

which are specific to SMEs when drawing up and implementing common policies(regional, social, research, environment, etc.). All proposals presented by theCommission to the Council and the Parliament are accompanied by an impactassessment describing their likely effects on businesses, in particular small andmedium-sized enterprises, and on job creation. Through the "impact assessmentmethod", the Commission analyses the direct and indirect implications of a proposedmeasure (e.g. concerning businesses, trade, employment, the environment and health).The results of each assessment are made public [COM/2002/276]. The impactassessment also gives details of the consultations that have taken place with the tradeorganisations concerned by the proposal [Council Resolution]. The Community'slegislative authorities are thus kept fully informed of the implications of a proposal on

business and employment [see section 4.3].

It is advisable, however, to ensure that Member States do not complicate matters whentransposing Community legislation into national law. Therefore, the Councilrecommended to the Member States to implement programmes ofadministrativesimplificationcovering both new legislative proposals and existing legislation and toexamine the impact of all proposed legislation or rules on the administrative burden onenterprises [Council Recommendation]. In a resolution on realising the full potential ofSMEs, the Council called on the Member States and the Commission to examine howthe business environment for SMEs could be improved by removing the structuralimpediments resulting from the legal, financial and administrative framework [Council

Resolution].

In order to improve the European business environment, a directive aims at combatinglate payment in commercial transactionsin the public as well as the private sector[Directive 2000/35]. This directive obliged the Member States to limit the deadline forpayment at thirty days from the invoice date, unless otherwise specified in the contractand it harmonised the interest on late payments at seven percentage points above theEuropean Central Bank rate. It also provided for retention of title by the seller until the
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time of payment of the purchase price and accelerated recovery procedures forundisputed debts with a maximum 90 days between the lodging of the creditor's actionand the time when the writ of execution becomes enforceable.

The Community legislation and programs as well as business opportunities on the large

European market are still not well known by businesses. This is why, the EnterpriseEurope Network, which is a part of the EU's Competitiveness and InnovationFramework Programme (CIP) [see section 17.1.3] offers support and advice tobusinesses across Europe and helps them make the most of the opportunities in theEuropean Union. The Network is made up of 600 local contact points employing a totalof nearly 3 000 experienced staff in more than 40 countries. Most partners in theNetwork are operated by consortia of qualified regional organisations such as chambersof commerce, regional development agencies and university technology centres. Theservices of the Network are specifically designed for small and medium enterprises(SMEs) but are also available to all businesses, research centres and Universitiesacross Europe. These services include information on EU legislation, finding a business

partner, benefit from innovation networks in a region and, last but not least, fundingopportunities for businesses.

By their nature it is generally more difficult for smaller enterprises to participate inresearch and development programmes (R & D). Firstly, the administrative costs ofapplying to participate and organising the required cooperation are relatively high forSMEs and, secondly, they do not have the same facility of access to long-term financeas larger companies. On the other hand, small businesses often have greater flexibility,creativity and dynamism, characteristics which qualify them well to contribute to theinnovative process. Therefore the seventh Community R & D programmeencouragesresearch activities involving SMEs [Decision 1982/2006, see section 18.4]. Specific

schemes for SMEs exist in the form of actions on collective and cooperative research.In addition, SMEs participate, for the most part, in the activities implemented under thepriority thematic areas of research within networks of excellence, integrated projectsand specific targeted research projects. Joint actions for innovation and SMEs aimnotably: at the rationalisation and coordination of networks providing information andassistance on the Community's research and innovation activities such as the CORDISinformation service; provision of information and advice; access to private finance; thecreation of innovative start-ups, principally via European organisations and funds.
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BEST COMPANIES IN EUROPE

1.ROYAL DUTCH SHELL PLC

(LONDON, UNITED KINGDOM)

Operating revenue/Turnover (2009, mil USD)

Net Income (2009, mil USD) : 12,754

Date of incorporation : 5/02/2002

Employees (2009) : 101,000

Trade description :

Group are engaged in all principal aspects of the oil and natural gas industry, along with interchemicals, power generation and renewable energy..

BP P.L.C. (BP)(LONDON, UNITED KINGDOM)

Operating revenue/Turnover (2009, mil USD) : 246,839


Date of incorporation: 14/04/1909

Employees (2009) : 80,300

Trade description :Exploration and production of crude oil and natural gas; refining, marketing, supply and transand manufacturing and marketing of petrochemicals. Also active in gas power and solar pow

generation.


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VOLKSWAGEN AKTIENGESELLSCHAFT(WOLFSBURG, GERMANY)

Operating revenue/Turnover (2009, mil USD) : 162,919 38440


Date of incorporation : 28/05/1937

Employees (2009) : 329,423

Trade description :

Germany's largest manufacturer of motor vehicles, engines and accessories as well as of tecsystems,tools and machinery. There are factories in Wolfsburg, Hannover, Braunschweig, Kassel, EmSalzgitter, Zwickau and abroad.


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THE CONTINENT OF NORTH AMERICA

The economy of the NORTH AMERICA is the world's largest national economy. Its

nominal GDP was estimated to be $14.3 trillion in 2009, almost three times the size ofthe economy of China, the world's second largest national economy.[12]By purchasingpower parity, the economy of the U.S. is also larger than the national economy ofsecond-ranked China. The U.S. economy also maintains a very high level ofoutput percapita. In 2009, it was estimated to have a per capita GDP (PPP) of $46,381, the 6thhighest in the world.

Historically, the U.S. economy has maintained a stable overall GDP growth rate, a lowunemployment rate, and high levels ofresearch and capital investment funded by bothnational and, because of decreasing saving rates, increasingly by foreign investors. Ithas been the world's largest national economy since 1870 and remains the world's

largest manufacturer, representing 19% of the world's manufacturing output. In 2009,consumer spending, coupled with government health care spending constituted 70% ofthe American economy.[13] About 50% of the entire world's millionaire population residein the United States.[14] Furthermore, 40% of the world's billionaires are American.[15] TheUS is also home to the world's largest stock exchange, the New York Stock Exchange.It also boosts the world's largest gold reserves and the world's largest gold depository,the New York Federal Reserve Bank. The United States is also home to 139 of theworld's 500 largest companies, which is almost twice that of any other country. [16] Alarge contributor to the country's success has also been a very strong and stablecurrency. The US Dollarholds about 60% of world reserves, as compared to its topcompetitor, the Euro, which controls only about 24%.

Since the 1960's, the United States economy absorbed savings from the rest of theworld. The phenomenon is subject to discussion among economists. Like otherdeveloped countries, the United States faces retiring baby boomers who have alreadybegun withdrawing from theirSocial Security accounts; however, the Americanpopulation is young and growing when compared to Europe or Japan. The UnitedStates public debt is in excess of $13 trillion and continues to grow at a rate of about$3.83 billion each day.[17]Total public and private debt was $50.2 trillion at the end ofthe first quarter of 2010, or 3.5 times GDP.[18] Domestic financial assets totaled $131trillion and domestic financial liabilities totaled $106 trillion.[19]

The American labor market has attracted immigrants from all over the world and hasone of the world's highest migration rates. The United States is ranked second, downfrom first in 2008-2009 due to the economic crisis, in the Global CompetitivenessReport.[20] The country is one of the world's largest and most influential financialmarkets, home to majorstock and commodities exchanges like NASDAQ,NYSE,AMEX and CME.
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a.org/wiki/Chicago_Mercantile_Exchange


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BEST COMPANIES IN NORTH AMERICA

1. Wal-Mart

Revenue: US$378.8 billion

Industry: Retail/Merchandise

Previous ranking: 1

Founded by the legendary Sam Walton in 1962, Wal-Mart is currently the largest privateemployer in the world. The company contributes up to 20% of the overall retail market inthe United States. Apart from its native country, Wal-Mart also has respectablepresence in a number of foreign countries including Japan, Mexico, United Kingdom,Argentina, Brazil, Puerto Rico and Canada.

2. Exxon Mobil


Industry: Oil and Gas/Petroleum

Previous ranking: 2

Ranked second last year, ExxonMobil, which is part of a legacy of John D. Rockefeller,retains its place. Apart from maintaining its position, the company also recorded thehighest profit among the companies in the list for its 5th year in a row. Exxon and Mobil,which used to be two separate companies, merged in 1999 to become the worldslargest oil and gas company. The company markets its products under the brands ofExxon, Mobil and Esso.

3. Chevron



Previous ranking: 4


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Established more than one hundred years ago, Chevron Corporation is headquarteredin California and operates in more than 150 countries worldwide, employing close to60,000 employees. The company has major engagement in exploration and production,refining, marketing, transportation, as well as power generation. The company ispresently in an interesting phase of developing advanced energy technology which

include photovoltaics, fuel cells, hydrogen fuel and so on.

4. General Motors


Industry: Automotive/Parts

Previous ranking: 3

While dropping one position does not sound like a big deal, the company is in some sort

of financial turmoil, as far as the profit is concerned. In fact, there was no profit recordedfor last years ending, with a poor loss of close to US40 billion. Still, the companyremains as one of the largest automakers, despite being chased by Japanese rivalToyota. GM employs more than 200,000 people worldwide, and market a range of well-known brands including Buick, Cadillac, GM Daewoo, Chevrolet, Opel, Pontiac andSaab.

5. ConocoPhillips

Revenue: US$178.6


Previous ranking: 5

ConocoPhillips was created out of merger between Conoco and Phillips in 2002, withthe current headquarter located in Houston, Texas, United States. The companyoperates in more than 40 countries employing close to 40,000 employees worldwide.ConocoPhillips is also one of the companies in the oil and gas industry with biggestinvestment in the production of alternative energy, after the company was announcedas one of the biggest polluters in the United States.


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THE CONTINENT OF SOUTH AMERICA

The economy of South America comprises around 382 million people living in twelve

nations and three territories. It contributes 6% of the world's population.

As of early 2007, South America is experiencing great economic development, withVenezuela, Colombia, Argentina, Uruguay and Peru growing their economies by over8% per annum. Brazil's economy, on the other hand, is expected to grow by a moresluggish pace during the year.

South America relies heavily on the exporting of goods. On an exchange rate basisBrazil (the seventh largest economy in the world and the second largest in the

Americas) leads the way in total amount of exports at $137.8 billion dollars followed byChile at 58.12 billion and Argentina with 46.46 billion.[1]

Economic sectors

Agriculture

Main products include: Coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus,beef. Bananas and shrimp are also important agricultural products for many countries

(like Ecuador).

Manufacturing

Industries are also important to South Americas economy. Most South Americanfactories produce food items, consumer goods, or building materials. Larger countriesalso produce cars, trucks, and airplanes. Some of these companies import all the partsand raw materials needed for manufacturing which limits the amount of profits they canreceive for the item. An important factor that is crucial to the success of industries isimporting and exporting. An organization called Mercosur helps to expand trade,improve transportation, and reduce tariffs among member

Transport

At the beginning of August 2008, Venezuelan president Hugo Chavez and hiscolleagues from Argentina and Brazil spoke about Latin American integration andChavez threw an ambitious idea out: a train that would connect Venezuela's capital(Caracas) with Argentina's (Buenos Aires), and cities in between.
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BEST COMPANIES OF SOUTH AMERICA

1 Petroleos Mexicanos Mexico Oil, gas

2 Petroleos de Venezuela Venezuela Oil, gas

3 Pemex Exploracion yProduccion Mexico Oil, gas

4 Petrobras Brazil Oil, gas

5 Pemex Refinacion Mexico Oil, gas

6 Pemex Gas y Petroquimica Mexico Chem., gas

7 Comision Federal deElectricidad Mexico Electricity


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THE CONTINENT OF ASIA

The economy of Asia comprises more than 4 billion people (60% of the worldpopulation) living in 46 different states. Six further states lie partly in Asia, but areconsidered to belong to another region economically and politically.

As in all world regions, the wealth of Asia differs widely between, and within, states.This is due to its vast size, meaning a huge range of differing cultures, environments,historical ties and government systems. The largest economies in Asia in terms ofnominal GDP are Japan, China, India, South Korea, Indonesia and Iran. Economiesrange from Japan, as the world's second largest economy by nominal GDP, toCambodia as one of the poorest. In terms of GDP by purchasing power parity, Chinahas the largest economy in Asia and the second largest economy in the world, followed

by Japan and India as the world's third and fourth largest economies respectively.

Wealth (if measured by GDP per capita) is mostly concentrated in east Asian territoriessuch as Hong Kong, Japan, South Korea, and Taiwan, as well in oil rich Middle Easterncountries such as Iran, Saudi Arabia, Qatar, United Arab Emirates. Asia, with theexception of Japan and South Korea, is currently undergoing rapid growth andindustrialization spearheaded by China and India - the two fastest growing majoreconomies in the world. While east Asian and southeast Asian countries generally relyon manufacturing and trade for growth, countries in the Middle East depend more onthe production of commodities, principally oil, for economic growth. Over the years, withrapid economic growth and large trade surplus with the rest of the world, Asia has

accumulated over US$4 trillion offoreign exchange reserves - more than half of theworld's total.

Trade blocs

Asia-Pacific Economic Cooperation

The Asia-Pacific Economic Cooperation (APEC) is a group ofPacific Rim countries whomeet with the purpose of improving economic and political ties

Association of Southeast Asian Nations

The Association of Southeast Asian Nations (ASEAN) is a political, economic, andcultural organization of countries located in Southeast Asia. Founded in 1967, its aim is
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to foster cooperation and mutual assistance among members. The countries meetannually every November in summits.

The current member countries of ASEAN are Myanmar(Burma), Laos, Thailand,Cambodia, Vietnam, Philippines, Malaysia, Brunei Darussalam, Singapore and

Indonesia. Papua New Guinea is given an observerstatus.

In 2005 ASEAN was instrumental in establishing the East Asia Summit (involving allASEAN members plus China, Japan, South Korea, India, Australia and New Zealand)which some have proposed may become in the future a trade bloc, the arrangementsfor which are far from certain and not yet clear.

The Asian Currency Unit (ACU) is a proposed currency unit for the ASEAN "10+3"economic circle. (ASEAN, the mainland of the People's Republic of China, Japan, andthe Republic of Korea).

Closer Economic Partnership Arrangement

The Closer Economic Partnership Arrangement (CEPA) is an economic agreementbetween the People's Republic of China and both the Hong Kong SAR government(signed on 29 June 2003), and the Macau SAR government (signed on 18 October2003), in order to promote trade and investment facilitation.

The main aims of CEPA are to eliminate tariffs and non-tariff barrier on substantially allthe trade in goods between the three, and achieve liberalization of trade in servicesthrough reduction or elimination of substantially all discriminatory measures.

Arab League

The Arab League is an association ofArab countries in Africa and Asia. The ArabLeague facilitates political, economic, cultural, scientific and social programs designedto promote the interests of its member states.

Commonwealth of Independent States

Flag of the Commonwealth of Independent States

The Commonwealth of Independent States (CIS) is a confederation consisting of 12 ofthe 15 states of the former Soviet Union, both Asian and European, (the exceptions
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being the three Baltic states). Although the CIS has few supranational powers, it is morethan a purely symbolic organization and possesses coordinating powers in the realm oftrade, finance, lawmaking and security. The most significant issue for the CIS is theestablishment of a full-fledged free trade zone / economic union between the memberstates, to be launched in 2005. It has also promoted cooperation on democratisation

and cross-border crime prevention.

South Asian Association for Regional Cooperation

The South Asian Association for Regional Cooperation (SAARC) is an association of 8countries of South Asia, namely Bangladesh, Bhutan,India, Maldives, Nepal, Pakistan,Sri Lanka and Afghanistan. These countries comprise an area of 5 130 746 km and afifth of the population of the world.

SAARC encourages cooperation in agriculture, rural development, science andtechnology, culture, health, population control, narcotics control and anti-terrorism.

South Asia Free Trade Agreement (proposed)

The South Asia Free Trade Agreement is an agreement reached at the 12th SouthAsian Association for Regional Cooperation summit. It creates a framework for the

creation of a free trade zone covering 1.6 billion people in India,Pakistan, Nepal, SriLanka, Bangladesh, Bhutan and the Maldives.
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BEST COMPANIES IN ASIA

COMPANY COUNTRY

MARKET

VALUE

($BIL)

SALES($BIL) INDUSTRY

China Mobile China 257.0 47.1 TelecommunicationsServices

China Construction Bank China 199.9 43.0 Banking

BHP Billiton Australia 174.9 59.5 Materials

Rio Tinto Australia 136.7 29.7 Materials

Sinopec-China Petroleum & Chemical China 133.0 160.7 Oil & GasOperations

China Shenhua Energy China 77.7 11.2 Materials

Reliance Industries-RIL India 77.7 34.1 Oil & GasOperations

Nintendo Japan 68.9 16.8 Technology

Hardware &Equipment

Bharti Airtel India 37.9 6.7 TelecommunicationsServices
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