Bangkok Bank President Mr. Chartsiri Sophonpanich expressed his views about key success factors for doing business in ASEAN.
Key success factors for doing business in ASEAN
Key factors driving ASEAN growth include 1) Regionalization 2) Urbanization and 3) Digitalization. These are helping boost investment projects aimed at meeting the lifestyle needs of the younger generation, highlighted by greater purchasing power and demand for high quality products and services.
These factors are boosting ASEAN as a major global production base, and expanding the region’s consumer market. To add more value to industry, research & development in business technology and economic innovation must be focused.
Over the next 10 years, investment in infrastructure will be crucial to building connectivity across ASEAN, along with development of energy, logistics and water management. These developments will help ASEAN stand out in a competitive global market, and boost its bargaining power with other regions.