Southeast Asia is the home to some countries with emerging markets. ASEAN is the Association of South-East Asian Nations. It is the political and economic organisation that offers opportunities and growth in business in ASEAN that are located in 10 countries.
The 10 countries included in the ASEAN are Brunei Darussalam, Indonesia, Cambodia, Laos, Myanmar or Burma, Malaysia, Singapore, Vietnam, Thailand, and the Philippines. Around 650 million people live in those 10 countries and they create a very attractive market in Southeast Asia.
Digital Business in ASEAN
The sector of digital technology is now booming in the 10 countries of ASEAN. It is all possible because of the telecommunications infrastructure that developed rapidly in the countries, as well as the mobile phones spread in the Philippines, Vietnam, and in Indonesia.
The more mature markets such as Malaysia and Singapore also have ecosystems that are diversified for the growth of tech startups. Those tech startups can provide revenues in significant sources especially for companies of digital services and e-commerce.
Business in Indonesia
With the largest economy and largest population in Southeast Asia, Indonesia became Southeast Asia’s giant as well as one of the most populous democracies in the world. The remarkable size and economic growth of Indonesia attracts so many investors to come and expand to this country.
The business environment in this country is influenced by the growth of middle class people. The market in Indonesia is massive and is growing rapidly today. The country itself is in transition to a modern service and industrial economy. Indonesia is still rich in natural resources.
Natural resources from Indonesia include timber, minerals and oil, as well as raw semi-transformed agricultural products.
Business in Thailand
This country is the second biggest economy in the ASEAN, after Indonesia. The country is a regional leader especially in electronics, automotive, and tourism. Thailand shows its resilient economy even though it is going through political situations that are tense in recent years.
Because of the massive investments from foreign companies, especially companies from Japan, Thailand is now a regional hub especially for the automotive industry. The country is now also a huge production center for electronic and electric components and appliances that are now exported.
The tropical climate of the country, well developed infrastructures, and welcoming population make Thailand the right environment for all foreigners who want to enter the market and work in this country.
Business in ASEAN Most Successful Country
Malaysia is one of the successful countries you can find in ASEAN. This country has middle income but is consistently showing robust growth. The government is guiding the development of the country but this country’s economy is still steadily opening, advancing innovation and technology.
Malaysia is also rich in many natural resources including oil and timber. The country has developed the leading position especially in producing and refining palm oil. The country is also producing electronics, medical and pharmaceutical technologies.
Each country in ASEAN has opportunities in different sectors. You need a different market entry strategy ASEAN to be successful in expanding to every country in ASEAN.