I’ve talked a bit before about how the Association of Southeast Asian Nations (ASEAN) has grown into a booming economy in recent years. And the goal of furthering that economic and social development is something the region plans to build upon, with specific targets set for the end of the decade.

As ASEAN continues to grow, many businesses are starting to see the region for the goldmine that it truly is. This is why I’m telling you that if you’re an aspiring entrepreneur or have long set your sights on expanding your business, you need to start tapping into the potential of Southeast Asia.

If you need a little more motivation, here are five mind-blowing things to remember when it comes to SEA:

1. Massive Population

Right now, Southeast Asia has a population of over 650 million people. When you consider this as just one body, this means SEA is the world’s third-largest market after China and India. Yes, surpassing even the United States and the European Union. This makes for the world’s third-largest labour force.

Considering how ASEAN only plans to integrate further and make resource, data and labour transfer smoother and more accessible, this is a massive plus for your business expansion. With more and more Southeast Asians looking for work and enjoying greater purchasing power, the vast population can only be a good thing.

2. Its Youth

But what’s truly interesting about ASEAN’s huge population is just how young it is. More than half of its population is under 30 years old. This means that the bloc is a melting pot of fresh, creative minds that want to make a difference in the world. As an entrepreneur, these are the kinds of workers you should be wanting anyway, and Southeast Asia promises plenty of them. What it offers is a youthful workforce that is diverse, has a propensity for innovation, and that is increasingly global.

Not only that, but the young population just means more tech-savvy people, which leads us to…

3. The Region is Almost Fully Digital

ASEAN has about 360 million internet users as of 2019. That’s the third-largest number of internet users all across the globe, spending an average of 3.6 hours on the Internet daily. This usage rate (the longest average usage rate in the world, mind you) means that ASEAN is an oasis for anyone who wants to start in the most lucrative industry there is today – tech and data.

ASEAN member countries are currently working on better frameworks to make the digital world a norm, and it will only continue to grow from there. As it stands, SEA has a digital payment market expected to exceed USD1 trillion by 2025, showing that the region’s digital expansion is booming as we speak.

4. It’s Home to Some of the Biggest Businesses

Right now, ASEAN is home to 227 of the world’s largest companies – ranking behind only the US, China, Japan, Germany, the UK, and France. Some of these companies are unicorn start-ups with billion-dollar valuations. These are big companies like Lazada, Grab, Razer, and Sea/Garena from Singapore; Bukalapak, Gojek, Tokopedia, and Traveloka from Indonesia;  Revolution Precrafted from the Philippines, and VNG Corp from Vietnam.

When you take this into account, there’s no reason for you not to invest in Southeast Asia. Maybe the start-up market is already saturated elsewhere, but for Southeast Asia, it’s only just beginning.

Start-ups aside, ASEAN is the world’s third-largest recipient of foreign direct investment, with FDI flows of USD137 USD155 billion in 2018. While the same year saw worldwide FDI outflows drop by more than 1 percent, ASEAN enjoyed an increase of 11.5 percent in FDI inflows as compared to the year before. Clearly, there’s a lot of trust in the growth of the region, and companies are starting to put their money into it.

5. The ASEAN Economy is Only Going Up

Start-ups and companies aren’t the ones proving that the Southeast Asian economy is in full swing. You’d only have to look at the bloc’s GDP. It’s currently worth about USD2 trillion, primed to be the fourth-largest economy in the world by 2030. This isn’t a fluke either, as ASEAN has been outpacing the rest of the world in GDP growth per capita since the late 1970s.

With an annual GDP growth rate of 5 percent, and with only just 3 percent of the population below the poverty line, there is nowhere else to go for Southeast Asia but up.

Watch these videos for even more facts that’ll open your eyes to the world economy’s best kept secret:
15 Mind-blowing Facts You Should Know About ASEAN (Part 1)
15 Mind-blowing Facts You Should Know About ASEAN (Part 2)

 

 

To your success,

Mario

[Visit www.mariosingh.com now to enjoy a FREE e-book of my latest “37 Essential Principles for Massive Success” when you subscribe!]