If you are an international business looking to invest and profit from the ASEAN (Association of South East Asian Nations) market of 10 nations with Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, or if you are an ASEAN business looking to expand within ASEAN or to the world, you have come to the right place.
We are one of the oldest and most experienced business strategy, branding, communications, and leadership transformation agencies in Asia, having built brands for emerging and multinational businesses in the entire Asia-Pacific region.
US$12 trillion ASEAN market
The ASEAN market has a combined population of more than 680 million people, more than the entire EU population (449 million+) or that of the United States (355 million+).
The ASEAN market has a combined GDP (PPP) of around US$12 trillion, with GDP per capita of US$17,000 upwards. The entire ASEAN is a trade-friendly region with free trade agreements.
10 Nations and 11 Languages
The ASEAN market is not a monolithic market like China, Japan, or South Korea. It is made up of 10 member nations with 11 official languages (Burmese, Chinese, English, Filipino, Indonesian, Khmer, Lao, Malay, Tamil, Thai, and Vietnamese). English is used primarily in Singapore and the Philippines. If you want to truly succeed in the ASEAN markets, you would need on-ground assistance with partners who can communicate in the local languages.
Why do smart businesses invest in ASEAN?
The ASEAN market is home to a young and growing population with rising income and digitally savvy. Much of ASEAN is highly digitalized, and smartphone penetration is very high. Some of the key sectors growing tremendously include:
1. Medicine, Pharmaceuticals and Healthtech: The healthcare, pharmaceuticals, healthtech and medical devices markets in ASEAN are high growth segments, with countries such as Singapore, Malaysia, and Thailand highly favored as healthcare hubs. The term “medical tourism” is sometimes used to describe foreigners coming to these key countries for high-quality healthcare at favorable costs. The regional governments invest heavily in healthcare infrastructure and human capital, in line with the ASEAN vision for better healthcare.
2. Digital, E-commerce & ICT: With the region opening up to foreign investments in the Information & Communications Technology (ICT) field with investment-friendly policies, the related fields of digital and e-commerce have also become central to this region. The region is fast growing with broadband (fiber and mobile) implementation, which propels AI (artificial intelligence), digital, ICT, data centers, and e-commerce adoption. The region”s young and vibrant population, with a fast-expanding middle class, also helps all things digital to become investment- and ROI-friendly. Some of the fastest-growing “tech unicorns” are found in Singapore, Malaysia, Indonesia, Thailand, and Vietnam within ASEAN, and in mainland Japan and India.
3. Construction and Infrastructure: The ASEAN market has not even reached the peak, with a lot more market and growth potential in the decades to come, outpacing developed economies in the EU and USA. Construction will continue to be a driving force in this region to cater to continued and accelerated growth. The construction industry is often a collaboration of government and private sector entities. The ASEAN economy is fast expanding beyond their cities, with rail infrastructure fast permeating throughout the region, empowering rural and suburban economies, and even linking to the rest of the world. The Laos-China Railway (LCR) is one such monumental project, which empowers merchants from Laos to profit from the southern Chinese regions and beyond.
4. FMCG (fast-moving consumer goods), F&B, and Hospitality: The ASEAN region is growing with rising disposable incomes, and industries such as food and beverage (F&B), hotels, tourist destinations, music entertainment, and personal care products are all going to power the region’s consumption.
We help you grow and profit in ASEAN
McGallen & Bolden is one of the oldest and most experienced business strategy, branding, communications and leadership transformation agencies in Asia, and we have built brands for emerging and multinational businesses in the entire Asia Pacific region.
Our portfolio is extensive, and our experience is deep and wide, ranging from AI, software, cybersecurity, IoT, healthcare, pharmaceuticals, robotics, industrial safety, electronics, luxury, FMCG, and more. You will benefit from one of the best consultancies that can help you with understanding how to penetrate the ASEAN market and using various strategies and tactics to grow your customer base.
Let us know what you need, and we will look forward to our conversation to help you grow and profit in ASEAN soon!