You first have to ask yourself a few questions. How fast do you want a return on your investment in the new market? Do you want to achieve quickly or are you willing to wait for a long-term result? What kind of markets will your products fit into?
Geographical distances are not so important. The “mental” distance is more critical. Select a country where the way of doing business is similar to your domestic market. Make sure the market is expanding because this allows your business to grow.