|CEOs say they are confident|
More than half the CEOs in the Asia-Pacific region are "very confident" of increased revenue for their companies over the next three to five years, despite the ongoing economic turbulence in Europe and the United States, according to a survey from the international accountants, PricewaterhouseCoopers (PwC).
The number is slightly higher than that registered a year earlier, said the survey that covered more than 320 CEOs across 26 countries, including the 21 Asia-Pacific Economic Cooperation (APEC) economies. The poll was specifically conducted ahead of the APEC CEO Summit to be held this coming weekend in the
More than 40 percent of those surveyed say the single greatest opportunity for growth will stem from the rise in consumer spending power in
"Those investing in
The survey shows that close to one-third of investments will build a research and development, managerial or financial presence in
Moreover, more than 40 percent of the region's CEOs expect to increase company staff numbers by more than 5 percent over the next three to five years.
Nearly one-third of CEOs, however, said the weak recovery in the
"The opportunities in the APEC economies for the remainder of this decade will be different from the past 10 years. Going forward, developing domestic Asian markets will replace low-cost manufacturing exports to mature economies as the main driver of growth in the region," said Dennis Nally, chairman of PwC International Ltd.
CEOs in the APEC region recognize that cooperation between business and government is critical to economic competitiveness and social well being in the region.
They cited financial sector stability as the best way to encourage companies to work more closely with government.