FedEx survey shows Asean as top growth market in APAC region
FEDEX Express (FedEx), a subsidiary of FedEx Corp. and one of the world’s largest express transportation companies, has released findings from its latest research report conducted in partnership with Forbes Insights, which aimed to identify key international growth trends for small and medium sized enterprises (SMEs) in the Asia-Pacific (APAC) region over the next three years.
The survey identified growth opportunities for small businesses as well as challenges to international cross-border commerce.
The survey polled 250 small and mid-sized business leaders, including founders and C-suite executives, across a range of industry sectors in the AsiaPacific region.
A key finding was that 68 percent of respondents see the greatest potential for growth in Association of Southeast Asian Nation (Asean) countries such as Thailand, Vietnam and Indonesia.
Economic growth, cultural affinities and improving regional trade deals are fuelling optimism around Asean markets, according to the report. While 88 percent of those surveyed said that they were planning customer base expansions globally over the next three years, APAC business leaders find it harder to do business with partners, suppliers, and customers in markets like Europe and North and South America.
When asked about barriers to international expansion, half of the respondents cited complex customs requirements and documentation as their primary hurdles ahead of finding new customers (45 percent) and finding partners or suppliers in global markets (42 percent).
“Southeast Asian markets are currently growing faster than in many other parts of the world, so it makes sense for them to focus on intra-Asia trade,”
FedEx Express Asia Pacific, Middle East and Africa President Kawal Preet said.
The full FedEx research report is available at fedex.com and offers more data on trends to guide Asian SME strategies for success.