Which Foreign Languages are Most Useful in the World of Business?
Globalization has increased the interdependence of world communities. It is almost impossible for states to conduct business on an international scale without being able to effectively communicate in multiple languages.
Though English is the lingua franca of the world, entrepreneurs need to learn more languages if they want to expand markets to make a lucrative insider investment.
China has one of the world’s best business cultures. And less than one percent of the population speaks any English. So if one desires to penetrate the Chinese market, communicating in the English language won’t be sufficient.
In this article, we will discuss some of the best foreign languages that can help expand business opportunities in a dynamic world. So let us discuss;
We know what you are thinking; why Portuguese?
Many people claim that it does not hold much significance. But in reality, Portugal is a European country with amazing business opportunities.
Though it got hit by a recession, Portugal was able to recover very quickly. Moreover, Portuguese is widely spoken in Brazil. And Brazil, of course, a nation of over 200 million people in South America, has a booming economy.
So, if you are an American, looking for business opportunities in a place that has good weather, plus a laid-back culture, and allows you to conduct your business operations without any extra hassle, Portuguese is a great language to learn.
Apart from that, there are a lot of African nations where Portuguese is spoken. Hence, opening other markets for you as well.
English is the lingua franca of the world. There is no universal language, but if one were to choose a language, nobody can take the place of the English language.
There are over 2.1 billion people in the world that speak English. This constitutes about 25% of the world’s population. The fact that the majority of the people who speak English are not native speakers makes it even more obvious how important the language has become.
A lot of countries use English as their formal or official language. And the notion that the number of speakers is increasing daily, is enhancing the sample size of the speakers.
Consequently, a lot of the leading world institutions and organizations have made their medium of communication in the English language. For instance, the UNO, IMF, etc.
Therefore, if you are a business and aiming to expand your operations globally, you need to be able to communicate in the English language.
Mandarin is the most spoken dialect in the Chinese language. And is also the most spoken language in the world. There are over 900 million native speakers of the language.
Moreover, a lot of people also speak it as their second language, 194 million to be precise. This amounts to over 1.06 billion people who speak Chinese.
Apart from the popularity of the language, China is also one of the world’s fastest-growing economies. Experts proclaim that it is going to take over America very soon.
Hence, it is natural for investors to think that they are going to get a Return on investment if they take their business into the Chinese market.
Hence, if you are considering making it big in the world of business, learning mandarin would put you in that position. According to a report by the IMF, China also has the biggest purchasing power parity.
This has also led to an increase in entrepreneurship in a socialist setup, with a rise in Tech giants such as Alibaba and Sina Weibo.
Spanish is one of the most popular and spoken languages in the world. There are over 437 million native Spanish speakers worldwide. Moreover, a lot of people also speak Spanish as their second language. So the total number of global speakers is around 528 million.
Spanish is also a very popular language in America. Around 32% of the American population is fluent in Spanish. With time, Spanish became an important part of the business community, since a lot of people spoke the language.
Experts proclaim that the number of Spanish-speaking people would reach 65 million by 2023. On top of that, various states have made Spanish their official language. England is one of those states. According to a report, 35% of the business communion that takes place in England takes place in the Spanish Language.
This shows that the business community has a natural inclination towards that language. Therefore, if you are considering expanding your Business globally, learning Spanish would assist you a lot in your business endeavors. It doesn’t matter which industry you are targeting.
It could be entertainment, sports, or trading. There is a huge part of the world community that is gravitating toward learning the language. Thereby, making Spanish a part of your business language portfolio will be a profitable choice.
Arabic is considered one of the most diverse and complex languages in the world. If a business wants to enter the Middle-eastern market, it has to deal with perfecting its communication in the Arabic language.
The Arabic language is mostly spoken in the middle eastern region. However, there are over 430 million people around the world that speak Arabic. But their dialects may differ.
If you look at some statistics, the Arabic language is the only language in the world that has grown by 2400 percent in the past decade. And is already giving tough competition to other top languages.
We are seeing that some of the biggest investments taking place in the world are in the Middle-eastern region. Countries like Dubai and Qatar are home to some of the most expensive infrastructure in the world. Hotels, stadiums, you name it.
Hence, there are a lot of opportunities available for business investment. But one needs to be able to communicate in the Arabic language, to get a successful response from the market.
Another major factor that has led to an increase in the number of people speaking the Arabic language is the fact that a large proportion of the oil and gas industry owes its basis to the Middle Eastern region.
The oil and gas industry is often considered the most lucrative and highest generating revenue industry in the world. But that is just one part of the massive scale of business opportunities available.
Communicating with your Arabic partners in their native language will not only assist you to maintain a long-term relationship but will also develop trust and loyalty.
Russian may not be the most admired and sought-after language in the world, but it surely has a large speaking population. There are around 270 million people that speak Russian worldwide.
As far as the number of native speakers is concerned, there are around 164 million Russian speakers. Moreover, we see that countries like Belarus and Kazakhstan also have a tiny minority of people that speak the Russian language.
However, in this article, our focus is to showcase whether the language is suitable for business endeavors. As far as Russian is concerned, it is an important language for the business community, If you’re talking about doing business in the BRICS states.
Russia is also one of the biggest nations in the world, and it’s almost natural to allow different communities to come over there and do business. As far as the economy is concerned, Russia is also one of the biggest economic states and ranks Sixth in the world.
According to some experts, Russia would take over the German economy by the end of 2031. And the reason behind this factor is that Russia is home to some of the most skilled labor in the world.
The Russian youth is very much focused on sports and education. The culture over there gives a lot of focus to ensure that the youth is allowed to become professional athletes or become great intellects.
The Russian language is also easy to learn and this will eventually allow people to penetrate the Russian market more efficiently as compared to the rest of the markets
The next language on our list is German. It is one of the most influential languages on the European continent. There are around 76 million people native German speakers. And around 30 million people speak German around the world.
If you ever get the chance to visit states like Austria, Switzerland, or Belgium then it would be imperative for you to know German.
Moreover, if you aim to penetrate these markets and offer any product or service to the local people, then it’s almost essential for you to communicate with your target market in the German language.
As far as business opportunities are concerned, Germany has also been considered by many as the leading automobile industry in the world. Some of the most well-renowned brands are from the German market. For instance, BMW, Porsche, and Audie.
In terms of economic contribution, around 4.6% of the total global GDP, comes from the contribution made by 80 million German people.
In the financial sector, Germany is also one of the most utilized languages. The European Central bank head office, which is located in Frankfurt, also uses the German language.
The world has become more interconnected than it ever was. Hence, we have seen businesses penetrating foreign markets. Almost every renowned brand has its operations or stores in foreign markets.
However, for foreign brands to be successful in a new market, it is important to communicate with the local audience in their native tongue. In this article, we have discussed some of the top languages that are useful for businesses to learn if they want to expand their business.
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