Surprising as it may seem, some experienced investors believe that Los Angeles will ultimately surpass New York and Silicon Valley as an international business center. Its ways of doing business are different from those of older, more established centers. Recent investments in Los Angeles are not limited to the tech sector—or real estate or finance—but are highly diverse. As evidence, L.A., often called “mini-Hollywood,” is home to new trends and fashions. Next to the tech sector, a big chunk of investment in this city is tied into the fashion industry. But business in Los Angeles is in no way limited to these two areas.
Investing in Los Angeles
Investors have an open-ended choice when it comes to starting a new business in L.A. From tech companies to e-commerce and production houses to export/import services, Los Angeles is suitable for all kinds of business ventures.
The fresh startups in Los Angeles are surprisingly innovative. One example is Omaze, which primarily deals with its clients through its website. Omaze sells dreams. It provides people the opportunity to vacation at their dream locations, dine with their favorite celebrities or have other exciting experiences they have never before experienced. But it is just like playing the lottery: for each entry to win your dream, you pay a small amount. This is an example of the variety of businesses being set up in this dazzling city.
Tourism—An Important Factor
In 2013, 42.2 million people came to Los Angeles as tourists, bringing an incredible amount of revenue to the city. Each year the number of tourists keeps increasing, which is a good sign. Among foreign travelers, Chinese tourists far outnumber others. The wheels of L.A.’s sizeable economy move around trade, tourism and technology, and China is its largest trading partner. This is one of the reasons why Chinese tourists visit the city in such great numbers. Los Angeles also has the largest Chinese population of all U.S. cities. According to the recent LAEDC report, China and Los Angeles are growing together. This is evident through the record trade of $221.4 billion with China last year.
This flow of tourists and business travelers guarantees success in new business ventures. But making the city an agglomeration of restaurants, hotels, pubs, cinemas and shopping malls is not enough. Tourism and trade can thrive only with the help of excellent communication. That’s where certified translators come into play.
Translation Services in Los Angeles
Professional Translation services in Los Angeles are indispensable for smooth and meaningful conversations between trading partners. As cooperation and trade increase, the demand for Chinese to English translation and vice versa also grows. The start of every economic year sees new trade agreements between Los Angeles County and China. But Germany, South Korea, Japan and Taiwan are also among L.A.’s leading trade partners. Because of L.A.’s rapid expansion as an international business and trade center, the city also needs more Chinese, German, Korean and Japanese translators and interpreters than it ever did in the past.