It is believed that local servers are best to serve a country. If you are in US, try to get a server close to your target audience. If you are in London, get a server from London. If you are in Asia, the best bet is a Singapore server.
The idea is that files will be delivered faster when the location is close.
It is always good to get a faster server abroad than getting one near if it is not fast enough. As for hosting industry is concerned, it is mainly deployed in US. Then there are hosts which has set up data centers in prime states of Europe. For other countries it is mostly take it or leave it.