Southeast Asia emerges as top growth market for the Asia Pacific region, according to a new FedEx Express survey. Around 68 percent of respondents see the greatest potential for growth in Southeast Asian countries such as Thailand, Vietnam and Indonesia. Economic growth, cultural affinities and improving regional trade deals are fueling optimism around ASEAN markets according to the report.FedEx Express , a subsidiary of FedEx Corp.
It identified growth opportunities for small businesses as well as challenges to international cross-border commerce. It polled 250 small and mid-sized business leaders, including founders and C-suite executives, across a range of industry sectors in the Asia Pacific region. Around 88 percent of those surveyed said that they were planning customer base expansions globally over the next three years, APAC business leaders find it harder to do business with partners, suppliers, and customers in markets like Europe and North and South America.Challenges remain for truly realizing cross-border opportunities even within the APAC region.
Those surveyed said that with limited in-house trade compliance expertise, navigating different customs regulations across markets remains complicated.