SEA as top growth market

Southeast Asia seen as a top growth market

Story by Alden M. Monzon
Inquirer.net
22 April 2024

MANILA, Philippines — Asia-Pacific business leaders expect that most growth in the region this year will be in Southeast Asia, which includes the Philippines, highlighting the potential for global growth for small- and medium-sized enterprises (SMEs) in this part of the globe.

This is according to a survey by the American multinational FedEx Corp., done in partnership with Forbes Insights, which involved a poll of 250 business leaders in the region, including founders and C-suite executives.

Respondents were asked to select the regions where they see the most growth potential in the next 12 months.

About two-thirds or 68 percent of respondents picked Southeast Asia, followed by Europe, which was chosen by 45 percent.

Meanwhile, North and South America was selected by 45 percent, while the grouping of India, the Middle East, Eurasia, and Africa was cited by 33 percent.

Maribeth Espinosa, managing director of FedEx Express Philippines, said in a statement the survey presents valuable insights and opportunities for businesses in the Philippines to better serve their customers and tap into new markets.

In the same survey, issues on government customs requirements, tariffs, and customs clearance were cited as the biggest barrier to cross-border business as cited by half of the respondents.

Marketing, as well as gaining visibility into global markets and finding customers, on the other hand, was cited by 45 percent.

The third challenge, as cited by 42 percent, is finding partners and suppliers in global markets. INQ