In this course, we have focussed on how foreign exchange rate risk can affect your investment decisions and outcomes. In addition, we have discussed other issues related to foreign expansion or investment. For the following question, please ignore foreign exchange rate risk, and focus on other issues related to foreign expansion.

If you were a CEO of a pharmaceutical company, you would like to expand your business overseas in the next five years. Please pick and discuss the top three country characteristics, from the paper by Chang, Chang, He, and Tan (2022) published in Nature - Scientific Reports, that you would identify as threats or opportunities. And explain why?