Developments like these have been compounded across Asia by the global collapse in oil prices. Countries that rely on oil imports have essentially received a boost. India, Indonesia and Malaysia are taking this chance to eliminate the fuel subsidies that have crippled their economies for years. China, the world's largest net oil importer, could save as much as $50 billion in 2015 if the current price trend continues. With the confluence of cheap energy, political stability and relatively reliable growth, it's not hard to see why so many businesses are looking to invest or increase their presence in Asia.

But risks still exist. For example, even in a market-driven economy like Hong Kong, businesses still come to us to deal with a variety of regulatory requirements. They are still working to make the most of a digital and technological transformation.

Indeed, significant challenges remain across Asia. But, if addressed, the region can lure businesses eager to expand markets and put capital to work. It is thus imperative that governments and businesses work together to address the problems related to income inequality, youth unemployment, urban development, climate change and resource efficiency. Steps like these are critical, because they won't just boost the confidence of foreign investors; they'll also help drive stable economic growth.

Asia's success will require many more steps in the right direction - and decisive actions by the region's leaders to ensure that it happens. Asia's opportunities for growth on the horizon are clear.

The author is the Global Chairman and CEO of EY, a leading global professional services organization.

(China Daily 03/21/2015 page8)