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Where do People Travel for Business?

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Where do People Travel for Business?

When it comes to global business, the right transportation is essential. Getting talent from one side of the globe to another matters as much as ever it has – and perhaps even more so. But which cities are the most attractive for modern business? This is a question whose answers have remained more or less the same over the last four or five years, despite the fact that global business flights have more than doubled.

New York

The Big Apple leads the pack when it comes to inbound business flight, and it has done since 2014. This is largely thanks to its status as a centre of global finance, but it’s also because New York is among the most business-friendly states in the US, with a range of tax incentives offered to startups. Buzzfeed and WebMD originated here. Whether you’re taking a private jet or a commercial airliner, New York remains the world’s premier destination for business travellers.

London

London has consistently run a close second, despite the uncertainty still lingering over Brexit. Among the biggest draws of the capital is the English language, which remains the second most widely-spoken language in the world (and probably claims the top spot when we count only the customers of international airports). London contains around 15 businesses per hundred residents; the figure for the rest of the UK is around 10.

Paris

Paris is something of a fast-climber, experiencing around twenty-per cent growth over the two-year spell from 2016-2018. It’s easy to see why a business might locate here; Paris has an enormous amount of culture and history to offer, and thus it’s easy to persuade would-be staff to settle here. While France might have something of a reputation for overbearing bureaucracy (the word, is, after all, derived from a French one), the business environment is competitive enough to tempt many international businesses and skilled employees looking to sample life on the continent.

Shanghai

With China having established itself as a global power, it’s probably no surprise that its busiest airport is so attractive to international business customers. While the city isn’t quite as attractive to western travellers as the other entries to this list, it’s a location that no globalised business can afford to neglect – and this is reflected in its rapid rise as a centre of international air traffic. 

Among the more interesting trends in global air traffic generally has been an increased spread between different continents, with five of the seven listed in the top twenty destinations. There is perhaps no better example of this than that of Shanghai.

Toronto

Toronto outranks many US cities, including San Francisco, Houston and LA. As with New York, there is a range of incentives to businesses looking to grow here. The combined rate of corporate and income tax sits at around 26.5%, which is lower than the US average by around thirteen percentage points.

Singapore

Like Dubai, Singapore claims a great deal of air travel thanks to its popularity as a stop-off for long-haul flights between Europe and Australia. But there’s more to Singapore than that. The country is widely regarded as an ideal place from which to tap into Asia’s emerging markets. The location is strategically attractive, the workforce is competitive and the economic policy is explicitly favourable to business. It’s also emerging as serious competition for Hong Kong’s financial centres. For the world’s business travellers, there’s no shortage of reasons to pay this part of the world a visit.

China Proposes Three New Foreign Trade Zones

Los Angeles, CA – Beijing has announced its given the go-ahead to the construction of three new foreign trade zones in Guangdong, Fujian and Tianjin, all modeled on the zone set-up in Shanghai last year.

Officials said the new FTZ will apply “replicable” practice from Shanghai in investment, trade and financial services to the rest of the country and shorten the “negative list” – the sectors where foreign investment is banned or restricted, the cabinet said.

Announcement of the new FTZs comes on the heels of Beijing’s proposed cutting from 79 to 35 the number of sectors restricted or off limits to foreign investors.

After one month for soliciting opinions, the new guidelines will be submitted to the State Council and are expected to come into force by the end of the year.

Sectors with reduced restrictions include steel, ethylene, refining, papermaking, coal chemical equipment, automotive electronics, lifting appliances, electric transmission and transformation equipment, branch railway lines, subways, international ocean shipping, e-commerce, finance companies and chain stores, according to government sources in Beijing.

In addition, the number of sectors currently limited to joint ventures and partnerships has been cut from 43 to 11, while those requiring a majority Chinese investment have been cut from 44 to 22.

Agriculture, high technology, advanced manufacturing, energy efficiency and environmental protection, new energy and modern service industries are encouraged, the sources said.

From January to September of this year, the value of China’s foreign direct investment decreased by 1.4 per cent to $87.3 billion from the same period the year before.

12/15/2014