ASEAN is one of the world’s fastest-growing markets as the seventh largest economy in the world with rising middle-class and increasing competitiveness of its homegrown companies.
Rapid growth and business-friendly environments are drawing increasing investment from multinationals looking to grow profitably in ASEAN. Expectation from market watchers is that the trend will accelerate in the future as ASEAN moves toward an increasingly integrated economic community. Even so, challenges remain, and ASEAN is still one of the least well known markets.
Some Crucial, Lesser Known Facts About ASEAN
- 75% of ASEAN’s GDP is located in less than 25% of the provinces
- Manufacturing will be the key to wealth creation in the region for years to come
- ASEAN is one of the biggest investors in itself, giving birth to Multi-ASEAN Corporations (MACs)
- Workforce almost completely Gen-Y: 289 million people below the age of 35 in ASEAN
- ASEAN will be the emerging world’s second largest consumer by 2015/17
- Brand value of ASEAN companies is already comparable to global MNCs (if not higher)
- ASEAN will not come close to achieving true economic union by 2016
(Image: ASEANup via SlideShare)
FSG’s Coverage of ASEAN
As Southeast Asia’s business landscape evolves, companies are going to be forced to navigate significant political uncertainty and economic volatility. At our firm we believe that executives who take a flexible, regional approach that incorporates country-level nuances will be well placed to achieve success. FSG’s extensive coverage of ASEAN through our market intelligence and management best practices studies has covered a wide variety of topics including: understanding how to prioritize dollar allocation to the markets; effectively managing distributors; focusing on commercial effectiveness; managing the talent challenges; and mitigating risks posed by fast-growing regional companies.
Preparing for ASEAN in 2015
Starting next week, I will be publishing a series of weekly insights based on the research our firm has gathered over several years. Selected carefully based on our numerous interactions with regional executives, the topics of my posts will include issues that have proven to be of high importance to senior executives of Western multinational corporations as well as issues that receive a lack of coverage in the business spheres.