5 Reasons Why SMEs Should Look To Intra Asia
Whether times are tough or business is booming, Intra-Asia offers ample opportunities for the region’s SMEs to unlock business growth.
1. Intra-Asia trade is expected to remain resilient
2. Asia will continue to grow in the next 12 months
3. APAC exporters remain highly competitive, and start-ups are core to future growth
While funding for new start-ups might be more cautious or on pause for now, a third of the world’s “unicorns” – start-ups worth more than US$1 billion – hail from Asia, with more than 90 in China, 6 in Korea and 4 in Indonesia.
What’s more, Asia is already home to 50 percent of the world’s fastest growing companies.
What’s also interesting is what’s being exported. For instance, at the end of 2019 pharmaceutical exports from Singapore surged – rising 34.7 percent in December, ahead of the key electronics sector.
Asia is also very familiar and experienced with the adage that today’s adversity is tomorrow’s opportunity.
This year, with health and safety paramount due to COVID-19, opportunities for healthcare and online education start-ups are clearly in focus. Companies must adapt to the new environment – and decide whether to pivot into new areas in a way that tech giants also have.
Innovation itself is increasingly global, but what’s significant for start-ups, SMEs and enterprises alike is the tremendous growth opportunity and central role that economies – and companies – close to home can play in exploring new possibilities in Asia and making them a reality.
That reality has seen huge growth in Asia of B2B cross-border commerce, and the Asia-Pacific leads the way with almost 80 percent of the B2B market.