If you are planning to invest in 2021, you need to get to know about business opportunities in Southeast Asia since ASEAN has the best potential to grow for long term and medium term. ASEAN itself is a single market that comprises 600 million people.
Every country in Southeast Asia offers different opportunities for businesses. It is important to understand what industries that show the biggest potential, especially for the foreign investors. Below are the chances available for foreign investors who are willing to expand to ASEAN.
Business Opportunities in Southeast Asia Countries
Indonesia is the first country to consider when you are looking for an opportunity in ASEAN. Indonesia offers opportunities in manufacturing, digital based economy, and the sector of fast moving consumer goods. Indonesian government is now upgrading the manufacturing sector.
It makes Indonesia become ASEAN’s manufacturing hub and will be ready to rival South Korea and Germany in 2030. The roadmap of Indonesia 4.0 has been launched in 2018. Indonesia’s main production areas include automotive, electronics, textiles, garments, food beverages, and chemicals.
Indonesia also set its digital economy to impact some new sub sectors’ growth including telemedicine, electronic payment systems, and online education.
Myanmar Business Opportunities
Understanding asia market research is also important if you are planning to enter the market in Myanmar and expand your business successfully to this country. Tourism and digital payments are 2 most promising sectors in Myanmar that are offering huge opportunities.
Tourism is Myanmar’s developing sector. More than 4 million tourists visited Myanmar in 2019, the number increased 23% from the previous year. In 2020, Myanmar extended the VoA scheme or Visa on Arrival to 5 other countries: Luxemburg, Czech Republic, New Zealand, Hungary, and Austria.
In 2020, Myanmar central bank also launched the MMQR or Myanmar Quick Response Code to allow the usage of QR codes for digital payments.
Business Opportunities in Laos
Laos is the name of least developed country in Southeast Asia. But this country has experienced economic growth significantly in the past decade. The greatest potential owned by this country is the hydropower and mining sector.
Some other countries, such as Vietnam, China, and Thailand play the dominant roles of investment in the economy of Laos. The country exports mineral fuels, ores, mineral oils, copper, and electrical energy. Laos has hydropower potential up to 26.5 GW.
It makes Laos the richest country in the ASEAN, in terms of hydropower resources. The hydropower sector has been open to the foreign investment since 1993.
Various Business Opportunities in Southeast Asia
Those 3 countries are not the only destination for foreign investment. Singapore, Malaysia, the Philippines, Thailand, and Vietnam are also the best developing markets. Vietnam for example, has a political environment that is stable and labor costs that are competitive.
Its improving infrastructure also makes Vietnam a famous country among the investors. There are more than 10 FTA of free trade agreements signed by Vietnam. Thailand also offers business environment that is attractive for the foreign investors who want to find the diversity in the ASEAN market.
