A recent survey by HSBC Commercial Banking found that international businesses operating in Southeast Asia are increasingly confident about their prospects for continued growth in the region. The survey also found that a skilled workforce and competitive wage prices are the most attractive market features for business expansion.
The survey, which covered more than 3,500 companies with a commercial interest in at least one SEA market, found that 23.2% of companies are expecting to see annual organic growth in 2023. This is up from 20.1% in last year’s survey results.
It also revealed that Singapore, Malaysia, and Thailand remain the preferred route to growth for companies with existing operations in Southeast Asia. However, Malaysia emerged as the leading major destination for companies seeking to enter a new market.
In addition, the survey findings suggest that businesses are increasingly looking to collaborate with governments to address the operational challenges they face in the region.
