Asia-Pacific (APAC) countries such as China, India, Australia, Japan, and South Korea took center stage within the filings of North America-headquartered companies throughout the second quarter of 2023, according to a GlobalData report. Besides these, other key countries that found mentions included the UK, Brazil, Germany, Russia, and Ukraine
GlobalData’s ‘Company Filings Analytics Trends and Signals Q1 2023’ report revealed that the mentions around all the five APAC countries increased on-year during Q2 2023. It further said that the mentions increased for the UK, Brazil and Germany, while Russia and Ukraine dropped.
“North American companies seem to consider the APAC region and more specifically the emerging markets of the region such as China and India as potential destinations for their business expansion strategies,” said Misa Singh, Business Fundamentals Analyst, GlobalData. “Companies are increasingly investing in the APAC region to enhance R&D capabilities and build new facilities. North American companies are also building strategic supplier partnerships to strengthen the supply chain. Meanwhile, Europe also forms a key part of their global expansion strategy,” added Misa Singh.
Micron Technology Inc announced an investment of $600 million in the coming years to expand operations in Xi’an city of China. The company is also planning to set up a new building to add more product capacity. Additionally, it plans to introduce EUV technology to its fab in Hiroshima, Japan. It aims to become the first company to bring EUV technology to Japan.
Sanmina Corp established a joint venture with a fully owned subsidiary of Reliance Industries Limited in the first quarter of 2023 to develop a premier electronic manufacturing hub in India. Meanwhile, Papa John’s International Inc, which sees India as an attractive market, in April 2023 announced its plans to establish 650 new restaurants by 2033.
Xometry Inc invested $1 million to support growth in the UK and launch Turkey’s localized marketplace. Thryv Holdings Inc, later this year (2023) plans to launch a marketing center in Australia to increase the value of SaaS clients and raise the total recurring revenue from customers.
“The mentions of Russia and Ukraine have declined as companies seek to minimize their market exposure due to the ongoing conflict in the region. While some multinational companies have exited or plan to exit Russia due to sanctions, some companies have temporarily suspended operations in Ukraine due to safety concerns,” said Misa Singh. For instance, Yum! Brands, Inc. sold its KFC business in Russia in April 2023. McCormick & Co Inc announced temporary cessation and in some cases reduction in the level of its business operations in certain parts of Ukraine.