Most (83%) of businesses in the ASEAN and Greater China regions are looking to expand internationally as they seek growth in the wake of the pandemic, according to a survey by the UOB banking group.
The UOB Business Outlook Study 2023 (SME & Large Enterprises) surveyed more than 4,000 businesses in markets including Singapore, Indonesia, Malaysia, Thailand, Vietnam, mainland China and Hong Kong.
While many recent headlines have dwelled on contractions in Asia’s exports and manufacturing output as demand slumps among Western consumers, the bank said businesses were enthusiastic about expanding inside Asia.
Companies in Indonesia, China, Thailand and Vietnam were most eager to expand, while those in Hong Kong, Malaysia and Singapore were the most hesitant.
Respondents identified China, Singapore, Thailand and Malaysia as the countries that were most attractive to them to expand…
