Southeast Asia has one of the fastest-growing economies in the world. As more and more people are getting online, business is really starting to boom. In this article, we’re going to let you know whether Southeast Asia is where your business should look for near term growth.
As a region, Southeast Asia is quite unique. It is a mix of very economically developed countries and others that are just starting to take off. Singapore, for example, has become one of the leading trade ports in the world, which anyone who has flown into Singapore’s gleaming Changi Airport can attest to.
Southeast Asia’s countries are now looking beyond their established tourism and agri-business industries, aiming to build their own domestic service economy and foster high-growth startups in advanced engineering, biotech, tech, and other sectors primed for growth in the 21st Century.
Read on to find out whether this region is going to be a fit for you and your business and the potential growth that many of these countries will offer.
Recent Economic Growth in Southeast Asia
As we’ve already mentioned, Southeast Asia is seeing rapid economic growth in nearly all the countries in the region. The industry sector is the economy’s largest, which makes the region an ideal location for manufacturing companies.
Let’s take a look at some specific countries in the region and see how their economies have been growing over recent years.
Singapore is perhaps the most economically developed nation in the area. The low tax rates and open trading make it one of the most ideal places to do business and Singapore regularly ranks at the top of business competitiveness rankings.
The country also has a strong startup scene, which has been spearheaded by businesses such as Grab, which is often described as the country’s answer to Uber.
In fact, investment in startups has doubled over the last year which means you definitely should consider it for a startup opportunity.
This story about a financial comparison company and their subsequent acquisition provides an informative view of how the startup ecosystem works in Singapore.
Although Vietnam has a heavy emphasis on its tourist industry, business investors have begun focusing on the country thanks to its big growth opportunities. Vietnam has the fastest growing economy in the Southeast Asian area.
Vietnam’s low-cost nature makes it a great place to start a business, and due to the country’s impressive economic performance, you are likely to see growth in the near term and the long term.
Huge Consumer Markets
The consumer market in this area is one of the biggest in the world. The region is home to around 650 million people and is a stone’s throw away from the massive Asian economies such as China and India.
More and more people are starting to get online in the region as a whole. This is thanks to government campaigns in various nations and greater investment in technology in general. More online users mean more online shoppers, which of course is great for business.
Overall, this part of the world is absolutely a place you should think about if you’re looking for near term growth. The fast-growing economies across the region should grab the interest of any savvy startup owner, and the massive market offers great potential.