The majority of businesses see ASEAN economic integration presenting more of an opportunity rather than a threat.
This was according to the findings from the 2013 ASEAN Business Advisory Council Survey on ASEAN Competitiveness as the regional bloc pushes on with its efforts to realise the ASEAN Economic Community by end-2015.
A poll of 502 firms across ASEAN found that over half of them considered ASEAN economic integration will pose a low or very low threat to their organisation, while close to 60 per cent of the respondents said it will provide a high or very high opportunity.
However, the survey noted that a lower share of small or local firms shared this sentiment.
Meanwhile, businesses continued to view the ASEAN region’s competitiveness for investments positively.
Some 9 in 10 firms planned to invest or increase investments in an ASEAN country over the next three years. A higher share of businesses also intended to invest in Singapore, Malaysia, Indonesia or Thailand.
The survey also showed that more businesses are adopting an ASEAN strategy in their approach to expansion, marketing and branding.
Close to half of the firms planned their investments in ASEAN countries over the next three years by considering the attractiveness of ASEAN as a whole, rather than individual countries.
In view of these findings, the ASEAN Business Advisory Council said ASEAN must ensure the timely and effective implementation of measures towards integration to spur even more businesses to adopt an ASEAN strategy.
These include enhancing transparency of rules and regulations in the areas of business registration, investment and customer procedures.
Source : Channel News Asia | December 10, 2013