A great deal of time developing business within the Southeast Asian market for the last three years, spending much of that time located in Singapore and Malaysia. Much of activities is focused on energy, civil works and construction industries. Globally all of these sectors have been hit in some way by the oil & gas price tumble. The ASEAN (Association of Southeast Asian Nations) market is no different and has suffered at the expense of things it or we cannot control. But it is the scale and diversity of this respected power house of activity that allows it to shake away these issues and carry on.
Having been fortunate to visit many of the shipyards, fabrication facilities and construction sites in the ASEAN region, I have been amazed and still am at the scale, the volume and the number of staff employed that make things happen to complete projects and work.
Many of the Southeast Asian associates and colleagues who are well accustomed to such productivity often tell me that ‘it’s usually much busier than this’ and bemused by expression of such a ‘wow factor’.
Even when many sectors in this region have been affected by downturns of many types it still has the ability to continue and grow and this can only be put down to a couple of things.
1. Volume of activity, regarding the number of projects and the scale of those projects
2. Work ethic and the need for maximum efficiencies
Any company with a suitable product or service that is either offering innovation, cost saving in cash or time, or possibly considering manufacturing in Southeast Asia to assist its global footprint cannot discount the sheer scale of open opportunities to it. If realistic goals are set and the offer is tailored to the individual countries within this growing market, a company can expect success.
SME’s (small and medium-sized enterprises) have many markets to consider internationally and the resource is sometimes limited to cover each relevant region. The ASEAN market is a lost opportunity for many, it has little in the way of real barriers to business’s. Those that see the benefit of a sustainable and growing market already have our gaze fixed on the ASEAN possibilities.
If the ASEAN market is really on your radar do your homework and see what countries you could service effectively.
When I first started looking at this market only Singapore was the obvious choice to work within, in actual fact only when I came to the market and immersed myself in it for a few months my mindset changed and we added Malaysia to our offering!
As per source: www.scotsbridge.net/blog/be-wowed-by-endless-opportunities-in-southeast-asia/