ASEAN MARKET DEVELOPMENT
THE EMERGING MARKETS OF THE ASEAN COMMUNITY ARE BOOMING. IS YOUR BUSINESS READY TO BENEFIT READY TO BENEFIT FROM THE OPPORTUNITIES?
ASEAN (Association of South East Asian Nations) is a geo-political and economic organization consisting of 10 member countries in Southeast Asia, similar to the European Union. It is home to more than 625 million people with a strong rising middle class that contributed to a consumer expenditure of USD 1.5 trillion in 2014 and which is expected to double over the next decade. The ASEAN Community has a massive labor force of nearly 300 million people, which is increasing by 20% annually. It has become more cost competitive than China which suffers from high wage inflation and the ongoing trade war with the United States.
Business opportunities in ASEAN seem to be endless and the free movement of goods, investments, capital, services and skilled labor within the community does not only attract the interest of local companies. Multinational enterprises from overseas have noticed this development at an early stage, too, and the foreign direct investment inflow into this region is constantly growing and has already surpassed the investments received by China.
In today’s global economy, market proximity creates a competitive advantage for an organization and is considered crucial for a market development success in Southeast Asia. However, foreign companies need to weigh in all pros and cons in a comprehensive market analysis in order to weigh up their specific business aspects for this complex undertaking properly. Especially small and medium enterprises who are overstrained with such undertakings should always make use of experienced and competent local experts who are perfectly familiar with the economic and legal conditions in their countries.
Don’t miss the opportunity to secure your business and the benefits of this development and talk to us today.