2.In addition to China and India, Hong Kong (SAR), Indonesia, Japan, Malaysia, Singapore and South Korea have been identified as the eight markets with the highest potential for progress and growth.
FACTORS
1. The markets highlighted, were chosen based on size, growth potential, and the presence of existing commercial and regulatory relationships.
2. a gradual approach will need to be adopted, to secure improvements in the ease of doing business in these countries.
CHALLENGES IN EXPANSION
1. Ensuring UK holding companies of international companies can carry out financial functions such as lending money to overseas subsidiaries, subscribing for shares in overseas subsidiaries, and receiving repayments, distributions and other returns of value back to the UK from overseas.
2. Restrictions on Foreign Direct Investment, or limits on equity stakes in domestic insurers.
3. Discriminatory measures such as reinsurance collateral requirements needs to be tackled.
4. Rules on investment, such as whether foreign insurers can set up subsidiaries or branches overseas.
5. Addressing barriers to moving skilled people into overseas markets.
