September 18, 2014
Southeast Asia is headed for monumental growth with plans already in motion for a single economic community. There are plans by Southeast Asian countries to set up a single market by next year, the ASEAN Economic Community (AEC), and it is likely to boost the economy and job market in the region.
The Association of Southeast Asian Nations (ASEAN) is planning on creating a single Asian economic market for it’s 10 member bloc of countries, which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar (Burma) and Vietnam. With approximately 600 million people in this region it will be the 4th most populous economic community in the world only behind China, India, and Europe.
A recent report by JWT and ATKearney said, “With a new economic community around the corner, Southeast Asia is poised for massive growth...everyone wants a piece of ASEAN...Southeast Asia remains one of the world’s few unsullied growth stories.”
The goal, according to the report, is for investors to have a boost in their market reach across 10 countries due to a freer movement of capital and skills that will be available to the new market. Often investors think of China and India as the most accessible markets to do business in Asia and this will give ASEAN-based companies more free access to services, labor, raw materials and capital in the area they choose to set up operations within the new ASEAN Bloc.
“The single market could add an extra 14 million new jobs and boost the bloc's annual growth by 7.1 percent by 2025,” per a report by the International Labour Organisation (ILO) and the Asian Development Bank.
Sincerely, Mercy Mildener
Marketing Executive, Tiger-Consulting