March 11, 2016
All ten Southeast Asian Nations (ASEAN) member states, Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Vietnam, and Myanmar have officially entered a new and exciting era now that The ASEAN agreement brings them together in a single regional market.
Singapore plays a unique and pivotal role as it is one of the founding members of The ASEAN and is the most developed country among its 10 member states.
Singapore - the most advanced developed country in the ASEAN has the technology, education and global network to make it possible for the island city-state to generate world-class talent and professionals. It’s no surprise that Singapore serves as a natural leader of the ASEAN. One of the ways Singapore is taking advantage of its leadership role in the region is to support and help accelerate economic integration for other ASEAN countries, as this will open up new opportunities for Singaporeans in these countries.
Singapore manufacturers will now be able to export to ASEAN countries without having to pay tariffs for most products. With better access to ASEAN’s markets this improves Singapore manufacturers’ access to the ASEAN market’s fast growing demand. Also, manufacturing and production costs should be reduced with a new freer flow of goods within ASEAN. This increases the competitiveness for Singapore-produced goods.
Overseas expansion has always been a challenge for Singapore companies due to the lack of skilled workers, especially in developing markets. The freedom to move skilled professionals from one country to another would bring down the cost of doing business in areas where skilled labor is limited. Moving skilled professionals to other ASEAN countries will become easier for Singapore-based companies planning to expand into the ASEAN region
Finally, the AEC’s integration of its 10-member Asian Nations into a single regional economic market will create new trade and investment opportunities for Singapore companies to participate in previously closed markets, especially in the e-ASEAN, logistics, air transport, healthcare, and tourism industries.
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Founder & CEO, Tiger-Consulting