ASEAN

Connecting businesses

What is ASEAN?

At the centre of the Asian region is ASEAN – the Association of Southeast Asian Nations, formed in 1967. The association is made up of ten nations: Singapore, Malaysia, Vietnam, Thailand, Philippines, Indonesia, Brunei, Lao, Myanmar and Cambodia. During ASEAN’s original inception, economic growth, social progress, cultural development and regional peace were cemented as the core principles by the founding nations and still stand strong today.

They have successfully weathered both the Asian financial crisis of 1997 and the global economic crisis of 2008-09, to make it one of the world’s top 5 economies. ASEAN’s countries equate to a total of 642 million people, accounting for over 8% of the world’s population with a GDP of US$2.76tn growing at a rate of 4.7% - this is significantly higher than any other global region and translates to a per capita metric of US$4,308.

Source: PwC, The Future of ASEAN: Time to Act

Your guide to doing business in ASEAN

Through the years in ASEAN, HSBC has been part of the prosperous economic growth along the way. Today, ASEAN has become one of the world’s top 5 economies and the world’s fastest growing trade bloc, supported by its young dynamic and digital population.

Malaysia - A leading powerhouse in ASEAN

✔ 3rd largest economy in ASEAN with a 4.7%6 GDP growth p.a.

✔ Strong in manufacturing, infrastructure, and Halal industry

✔ A regional hub for Islamic Trade Finance and Offshore Banking

✔ Pioneer in Islamic Bond Market

ASEAN is a bedrock of growth opportunities, bolstered by the region's urbanisation, digital adoption and growing consumerism. Malaysia, with its strategic location at the heart of ASEAN, offers significant advantages such as unparalleled connectivity, well-developed infrastructure and business-friendly policies. Given HSBC’s widespread global presence and ability to successfully tap into local growth prospects, we are ideally positioned to support clients in the country as they seek to expand their presence across the ASEAN region

Stuart Milne | CEO, HSBC Malaysia

Benefits & opportunities

Now more than ever, companies from all over the world are looking to ASEAN to expand their operations from within the bloc around Asia and globally.

Shifting demographics

ASEAN is home to a dynamic demographic with 35% of the population under 20 years old and 65% to be classed as middle income by 2030, raising spending to hit US$2.3 trillion.

Fast economic and trade growth

Currently, ASEAN as a trade bloc is one of the top 5 economies in the world, with its GDP set to exceed US$4tn by 20225. Current exports total US$1.3tn, with forecasts predicting exports to rise to US$2.8tn by 2025, making ASEAN the world's fastest-growing trade bloc2&3

The rise of digital

ASEAN’s digital economy is growing rapidly, with expanding digital networks and growing numbers of mobile phone and Internet users – ASEAN has more people coming online than any other region in the world, with eCommerce forecast to grow to US$88 billion by 2025.

Cross-border connections

ASEAN has driven a significant reduction in trade barriers across the ASEAN and ASEAN + 6 (Australia, China, India, Japan, New Zealand, The Republic of Korea), easing the cost and complexities of trading across the region – and continued easing of restrictions on labour movement for selected professions and new talent gives businesses access to a young dynamic workforce.

Find out more

Combined, ASEAN forms one of the fastest growing economic powerhouses and is one of the world’s top five economies, behind the US, EU, China and Japan. Find out how HSBC can connect you to opportunities across ASEAN, and beyond.

Combined, ASEAN forms one of the fastest growing economic powerhouses and is one of the world’s top five economies, behind the US, EU, China and Japan. Find out how HSBC can connect you to opportunities across ASEAN, and beyond.

Southeast Asian businesses are amongst the most confident in the world. Businesses are getting ahead of the game by expanding into new markets and focusing on sustainability as a way to grow sales.

Combined, ASEAN forms one of the fastest growing economic powerhouses and is one of the world’s top five economies, behind the US, EU, China and Japan. Find out how HSBC can connect you to opportunities across ASEAN, and beyond.

Combined, ASEAN forms one of the fastest growing economic powerhouses and is one of the world’s top five economies, behind the US, EU, China and Japan. Find out how HSBC can connect you to opportunities across ASEAN, and beyond.

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