20 Up-And-Coming Places To Consider Doing Business In

Photo: Getty

The place an entrepreneur chooses to do business in directly impacts the future success of the business. As community leaders looking to attract certain industries begin investing heavily in infrastructure, programs and support for business owners, certain locations previously overlooked suddenly become much more attractive options to set up shop in.

Being open to starting and running a business in different locations is a great way to access previously untapped markets and audiences. Below, 20 Forbes Business Council members detail up-and-coming cities or countries they believe business leaders should keep a close on in the future.

1. Dubai

Dubai continues to impress me in terms of opportunity and ease of doing business.The investment and infrastructure projects supported by leaders in Dubai encourage ambition and business growth. Its strategic location also makes it effective from a trade perspective. Once seen as a regional outpost for companies, it’s now becoming a strategic priority for leading internationa businesses. - Kate Woodyatt Hudson, WH Communications Ltd

2. Vietnam

Vietnam is rapidly becoming a business hotspot. With a young, tech-savvy workforce, strong manufacturing capabilities and a growing startup ecosystem, Vietnam offers competitive costs and strategic access to Asian markets. This makes it a prime location for future growth. - Igor Trunov, Atlantix

3. Auckland, New Zealand

Auckland has a robust business environment, particularly in finance and tech. Driven by a strong spirit of entrepreneurism, Auckland is boosted by government policies that help new ventures get off the ground and thrive. But perhaps more important to this success is the quality of life Auckland offers, with a mix of rich, urban cultural amenities juxtaposed with the surrounding natural beauty. - Dominic Jones, Greener Pastures New Zealand

4. Nashville, Tennessee

Nashville, or Music City, blends creativity and economic growth, making it the city to watch. Fueled by music, tech and healthcare, it’s already attracting giants like Amazon, Oracle and Meta. With no state income tax, an attractive cost of living, top schools and a vibrant startup ecosystem, Nashville’s innovation, talent and Southern charm make it a top hub for visionary entrepreneurs. - Kevin Jones, Celero Commerce

5. Utah

Utah has rapidly emerged as a powerhouse tech market, earning national recognition for its culture and expanding ecosystem of innovation across several industries. Utah boasts the No. 1 projected tech occupation growth in the US over the next decade with a projected 33% increase. Healthcare and finance are major forces. Advanced manufacturing in aerospace, electronics and medical devices are also expanding. - Curtis Anderson, Nursa

6. Skopje, Macedonia

Skopje in North Macedonia is a hidden gem for tech and innovation. At Avenga, I’ve seen firsthand the impact of our 1,000-plus talented team members, including leaders—35% of whom are women. The people are warm, solution-oriented and easy to work with. With strong engineering skills, great English-speaking skills and a fast-growing ecosystem, it's a smart choice for global business expansion. - Ludovic Gaudé, Avenga

7. Phoenix, Arizona

Phoenix is a thriving business hub, driven by growth in the manufacturing, hospitality and data center sectors. Its affordability, talent pool and pro-business climate attracts startups and legacy corporations. Growth in the area is expected to increase utility demand 35% by 2031, requiring upgrades in energy, water and housing. This creates opportunity for Phoenix builders. - Deron Brown, PCL Construction

8. Lisbon, Portugal

Lisbon is rising fast as a wellness and business hub. It offers a high quality of life, a built-in wellness culture, remote work perks and global reach. With strong ties to Europe, Africa and Latin America, as well as a focus on sustainability and innovation, it’s a top city for leaders seeking purpose, pace and growth. - Stevi Carr, WISe Wellness Guild

9. Missoula, Montana

Missoula is rising fast. It's a university town with strong schools, creative energy and outdoor access that draws talent in. Think Austin’s vibe at a fraction of Boulder’s cost, paired with business-friendly tax laws. It’s becoming a hotspot for leaders seeking balance, innovation and community. - Paige Williams, AudPop

10. Birmingham, Alabama

Birmingham is a city to watch. With a growing tech ecosystem, a revitalized downtown and relative housing affordability, it's becoming a magnet for young professionals and remote workers. Business leaders should pay attention to markets like Birmingham not just for growth potential but for the ability to scale responsibly in communities that are investing in both infrastructure and livability. - Melanie French, RR Living

11. Nairobi, Kenya

Nairobi is a thriving business hub with a burgeoning tech scene and growing access to African markets. Its young workforce and improving infrastructure make it ideal for innovation and expansion. Business leaders should watch Nairobi for its potential as a gateway to Africa’s untapped consumer and startup base. - Muraly Srinarayanathas, Computek College

12. Germany

Germany is leading in quantum technologies in Europe. They have the engineering know-how and innovative skills. With current geopolitical changes, investors are looking at Germany for next level innovation. - Barbara Wittmann, Digital Wisdom Collective

13. Tbilisi, Georgia

Keep your eye on Tbilisi, Georgia. It’s quietly becoming a business magnet with investor-friendly laws, low taxes, strong property rights and a booming digital nomad and tech scene. It flies under the radar but offers huge growth, easy market entry and real community, which is perfect for bold leaders seeking fresh ground. - Mark Berookim, High Rise Financial LLC

14. Bordeaux, France

Bordeaux is a rising business hub. With strong green certifications (i.e., HQE, BBCA), a growing tech sector and world-class design and construction standards, it blends elegance and innovation. With a lot of major international projects there, it’s a city to watch. - Nathanaël Bondu, Woodalls

15. Raleigh-Durham, North Carolina

Definitely keep an eye on Raleigh-Durham. It’s quickly becoming a hub for tech, research and entrepreneurship, backed by a business-friendly climate. The talent pool is strong, costs are lower than major metros and the culture encourages innovation. For startups and franchise expansions, we’ve seen incredible momentum there. It's a market where smart leaders can plant seeds and scale quickly. - Adam Povlitz, Anago Cleaning Systems

16. Jamaica

Keep an eye on Jamaica. It's emerging as a logistics and renewable energy hub with strong tourism revenue, a growing tech sector and strategic access to North and Latin America. Pro-business reforms, infrastructure upgrades and a vibrant talent pool make it primed for sustainable, high-growth ventures. - Richard Powell, APC Holdings, LLC

17. India

I think India is probably the most overlooked country but the center of the tech industry due to its ability to do tech work affordably. For example, we’ve hired backend developers in the U.S. and paid upwards of $175 per hour only to see that the login for the work performed comes mostly from India. Many of America's developers do all the time-related duties offshore. - Tammy Sons, TN Nursery

18. Valencia, Spain

Watch out for Valencia, Spain. It’s buzzing with talent, creativity and a startup-friendly vibe. Lower costs than Madrid or Barcelona, a great quality of life and a growing expat community make it easy to attract top people. It’s the kind of place where ideas grow fast and business feels exciting every day. - Daniel Levy, GovernmentOfficeFurniture.com

19. Reston, Virginia

Reston is accelerating its growth and regional importance thanks to its thriving tech corridor, strong job market and excellent transportation access. Located near two major airports, it offers connectivity to anywhere in the world. The area has great schools, offers affordable housing and is conveniently located near Washington, D.C., making it an ideal environment for young families. - Seth Gellis, Community Preservation Partners

20. Argentina

With its rapidly evolving tech ecosystem, Argentina is becoming a hub for innovation, particularly in AI and digital marketing. Additionally, as more global companies look to expand into Latin America, Argentina stands out for its entrepreneurial energy, growing investment in startups and a culture that embraces both creativity and innovation. It's a market full of untapped potential. - Maria Trochimezuk, Bravo Story