Editor Sidelines, April/May 2024: Asia’s diversity of strengths

asia has a wide range of countries, each of which has different competitive advantages that they can use to fuel their growth. This issue shows some of that diversity.

Take the two rich lists that appear on these pages, one for Korea and the other for Malaysia. Since the last list of the 50 richest Koreas, that country’s stock market has recovered, boosting the fortunes of many of the list’s members. The catalyst for this surge was the government’s plan to invest nearly half a trillion dollars to turn South Korea into a global chip manufacturing hub, leveraging that country’s lead in creating cutting-edge technologies .

Then there is Malaysia. There are two hallmarks of companies owned by those on the Malaysian list: the IOI group and Sunway. Instead of high-tech industries, these companies are focusing on a number of areas where Malaysia has great expertise: healthcare, palm oil and real estate investing in Singapore.

Another feature is the Philippines’ Megaworld, owned by another billionaire from that country. Here too, the company is capitalizing on one of the country’s strengths: tourism. Megaworld is moving forward with a major resort and residential project on one of the country’s most pristine islands, Palawan. Megaworld builds on the archipelago’s reputation as a major tourist destination for the region and the world.

Finally, there is the profile of Cameron Adams from online design agency Canva (taken from Forbes Australia). Although Australia is often associated with being a major exporter of raw materials and agricultural products, it has recently found success in the global technology sector, with world-class companies such as Afterpay and Atlassian. Canva also belongs to that group, with Adams playing a crucial role in the company’s growth.

Rounding it all out is the annual World’s Billionaires list, which consists of individuals whose fortunes are dominated by numbers with at least nine zeros in them. Many of them have prospered by specializing in industries where their country already ranks high in a particular sector. Take for example the richest man in the world, France’s Bernard Arnault, who built LVMH by consolidating many French companies that have made his country a global leader in high-end fashion and luxury goods.

Thus, the invisible hand is made visible by global trade and market forces, allowing countries to find their place in creating value that others cannot easily replicate. In short, to each his own. As always, all comments are welcome at [email protected].