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This year's winners in BusinessWeek's annual look at the top 50 companies in Asia are companies that are focusing on business at home. With weak economies in the U.S., Europe, and Japan hurting demand for exports, many of Asia's biggest names are missing from our list this year. Toyota (TM), Taiwan Semiconductor (TSM), Infosys (INFY)—Asian companies that traditionally depend on strong sales in the U.S. and Europe—haven't made much of an impression this year.
Instead, many of the big winners are companies that are capitalizing on strong demand in Asia itself. Our top-ranked company this year, Siemens India, the Indian subsidiary of the German conglomerate, is taking advantage of New Delhi's push to build the country's infrastructure. Close behind Siemens India, Unitech is a property developer concentrating on building for the growing Indian middle class in cities like Noida, a boom town near Delhi. Indian pharmaceutical company Cipla is No. 6, benefiting from the popularity of its drugs that often cost less than those of bigger-name Western rivals.
Focusing on consumers paid off for companies in other countries, too. In China, 8 Belle International has rocketed into the top 10 thanks to its reasonably priced shoes, which Chinese women looking for affordable fashion have embraced. Cellular operator Digi.com comes in at No. 9 this year thanks in part to its marketing strategy targeting young Malaysians. And No. 10 Unilver Indonesia, our top-ranked company 12 months ago, stays in the top 10 another year by marketing a collection of brands both local and global to Indonesian consumers.
Trade-oriented companies aren't unrepresented, though. No. 3 on the list this year is Alibaba, the Chinese company that operates a huge online network of small and midsize companies importing and exporting from China and other countries. Riding the commodities boom, China Molybdenum, which mines molybdenum and tungsten and sells to customers at home and overseas, made it all the way to No. 4. The soaring prices for oil and gas lifted Japan's INPEX Holdings to No. 5 and Hong Kong & China Gas (companyid=) to No. 7.
For more on Asia's top 10 winners in the BusinessWeek Asia 50, with some highlights showing why they scored well, read on.