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ASEAN Facts and ASEAN Business Figures

ASEAN (Association of Southeast Asian Nations) is a political and economic regional organisation of 10 Southeast Asian countries, formed on 8 August 1967 by Malaysia, the Philippines, Singapore and Thailand. Brunei Darussalam became its 6th member on 7 January 1984, barely a week after gaining independence. In 1995, Vietnam became ASEAN’s 7th member. Laos and Myanmar (Burma) joined two years later as Cambodia did become a member again 2 years later, in 1999.

ASEAN Economic Community initiative is to achieve by end of 2015:
a solitary market and a production base, enabling free flow of products, services, knowledge, labour, capital as well as financial investments throughout the region.

In 2007, ASEAN embraced the ASEAN Economic Community Blueprint, which did had a completion target of 2015 to 2020. As of October 2013, regarding 80% of the ASEAN Economic Community Blueprint have actually been implemented.

The ASEAN Economic Community is specified by 4 columns:
1. producing a single market and also production base
2. boosting competitiveness,
3. promoting equitable financial growth, and
4. further integrating ASEAN with the worldwide economy.

ASEAN is not a monolithic market and does have immense regional differences in economic scale and GPD and a variety that prolongs in society, language and also religion. Although ASEAN is becoming much more integrated, business ventures should be aware of the widely varying markets in local preferences and cultural sensitivities and not rely on a one-size-fits-all strategy.

ASEAN as one economy, would certainly be 7th largest around the world with a combined gross domestic product (GDP) of $2.4 trillion (2013). And if growth patterns would continue: by 2015-2020 it could become the 4th biggest global economy.

ASEAN’s potential market with over 600 million individuals is larger than the European Union (EU) or North America (US+CA).

ASEAN has the globe’s 3th labour force – that remains reasonably young – after People’s Republic of China and India.

ASEAN is one of the most open economic regions in the world, with a total merchandise exports of over $1.2 trillion – nearly 54 % of complete ASEAN GDP – and with 7 % of global exports it has become the 4th-largest exporting region. By now export-processing zones, once dominated by China, have been established across entirely ASEAN.

ASEAN industry has expanded and is now home of many globally competitive companies; it is now 7th-largest host of the Forbes Global 2000, and includes over 225 of the world’s companies with a greater than $1 billion yearly revenue, or 3 % percent of the world’s overall. In 2013 ASEAN did also attract more foreign direct financial investment than China ($128 billion versus $117 billion). In addition to bring in multinationals, ASEAN has come to be a launching pad for brand-new companies; the area now represents 38% of Asia’s market for going publics (IPO).

ASEAN is an growing center of consumer demand as income development has actually continued to be solid considering that 2000, with ordinary annual real gains of greater than 5 percent. Already some 67 million homes in ASEAN states are part of the “consuming course,” as well as this number can almost double to 125 million homes by 2025.

ASEAN is a growing center of consumer demand as income growth has remained strong since 2000, with average annual real gains of more than 5%. Already some 67 million households in ASEAN are part of the “consuming class,” and this number could almost double to 125 million households by 2025.

Main Export Products of ASEAN Countries – annual volume & percentage of country total (x mio $) [2012]

Main Export Products of ASEAN Countries

Main Export Products of ASEAN Countries

 ASEAN Argiculture production overview by country

ASEAN Agriculture - production overview by country

ASEAN Agriculture – production overview by country

 

Sources:
• The Observatory of Economic Complexity (OEC)
• The World Factbook – CIA
• Chair man’s Statement of the 23rd ASEAN Summit, Bandar Seri Begawan, Brunei Darussalam, 9 October 2013.
• Nay Pyi Taw Declaration, 24th ASEAN Summit, 11 May 2014.
• ASEAN Integration and the Private Sector, speech by ADB Vice-President Stephen Groff, 23 June 2014 in Berlin, Germany.
• ADB publication ASEAN 2030: Toward a Borderless Economic Community.

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