As Germaine and Polyglot said, "business" here means customers. "We do a lot of business in Japan" = "We have a lot of customers in Japan."
This is the uncountable-noun version of business: converting business, not converting
a business or
the business. See
https://www.collinsdictionary.com/us/dictionary/english/busi... Converting/conversion is a marketing term that means turning leads, contacts or other potential customers into real customers: "potential customers have to undergo the process of
conversion in order to become actual, paying customers."
https://www.b2bnn.com/2017/05/high-converting-business-strat... "Better
conversion strategies can boost your business dramatically... you may not actually NEED additional leads or prospects at all … instead you need much better strategies for
converting a larger portion of your prospects into customers."
https://marketingwizdom.com/strategies/conversion The EN text here is talking about converting your competition's customers into your own customers. In other words, marketing strategies directed at people who currently buy from your competitors, and designed to make them buy from you instead.