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sian companies will have to reinvent their business strategies and develop long-term plans in order to be able to take the advantage of the surge in the region's economy, experts have said.

In addition to the improvement of marketing strategies, companies should also understand the highly dynamic local political situation in the region to achieve success.

Takumi Shibata, chairman-designate of Japan's Nikko Asset Management Co., Ltd., said Asian companies would benefit from thriving growth in Asia, which is projected to become the main world economic force this century.

'The 'Asian century' will be an interesting time and economic powers will be rebalanced,' he said during the Asian Century: Redefining Leadership conference in Kuala Lumpur on Wednesday.

However, Shibata said the region would face several challenges and companies would have to break out of their comfort zones to enter the more competitive global markets.

The gap between proglobalization and antiglobalization forces; duality in cultures; and difference in expertise are among the obstacles.

'In the case of banks, bankers, shareholders and clients may opt to go global. On the other side, the nationalist government and political leaders may be against the globalization plan,' he said, adding that the companies should be able to adjust their business strategies to be able to succeed in dualism.

The Asian Century parallels the characterization of the 20th Century being the American Century and the 19th Century being the British Century.

Asians could enjoy living standards similar to those in Europe today and the region could account for over half of global output by the middle of this century, said the ADB's 2011 report.

Adil Zainulbhai, chairman of McKinsey & Company's India office, said economic growth over the past few years had led to an increase in the number of successful Asian companies. As of July 2012, the number of Asian firms listed on the Fortune 500 list reached 111, rising from 76 firms in 2010 and growing more than three times from 2005.

According to Datuk Tong Kooi Ong, executive chairman of Selangor-based media company The Edge Communications, going global may pose a challenge for successful companies as many tend to be conglomerates offering specific products.

'When you expand globally, you have to be more inclusive. There are many other things to be calculated as well, including human resources,' Tong added.