While currently, e-commerce only accounts for less than one percent (worth ~US$2 billion per year) of Indonesian retail spending, analysts believe that the country’s fast growing middle class and proliferation of smartphones will soon raise that share to eight percent (worth US$8 billion) in just a few years. If that scenario were to happen, then Indonesia’s e-commerce market would be the largest in Southeast Asia.
Indonesia’s Financial Services Authority (OJK) banking supervision commissioner Nelson Tampubolon has said a recent agreement with Malaysia, which eases Malaysian restrictions on Indonesian banks, is a model for future bilateral agreements. He intends to use the agreement as a basis for planned negotiations with Singapore.
As ASEAN continues its transition to greater economic integration with the implementation of the ASEAN Economic Community in 2015, the region is seeing strong growth in a number of industries. Among the key business areas are electronics, information and communications technology, textiles and apparel, and medical devices.
The month of August saw an all-time high for employment in the Business Process Outsourcing (BPO) sector in the Philippines, hitting over one million employees. The growth in employment is being primarily driven by the expansion plans of a number of companies, such as Accenture and Convergys. Over the past decade, the Philippines BPO industry has seen tremendous growth – revenues and employment have expanded tenfold since 2004. The industry sees an average per year growth rate of 20 percent.
The Singaporean government announced this morning that it has pledged US$80 million to fund two new research and development R&D initiatives within the energy sector.
Singapore, Malaysia, Indonesia, and the Philippines are quickly becoming four of the hottest e-commerce markets in ASEAN. In this article, we review the characteristics of each nation’s e-commerce markets and highlight opportunities for international investors.
The Philippines may have the fastest-growing economy in Southeast Asia, but it also has the slowest internet speed in the region. Despite this, some foreign investors believe they may have spotted an opportunity that could turn the country into Asia’s next tech tiger.
In this issue of Asia Briefing Magazine, we provide a comprehensive overview of e-commerce trends across the Asia-Pacific region with a focus on developing markets in Southeast Asia.
A bill has been introduced in the Philippine Senate that would grant tax incentives to foreign and local film production companies in an effort to promote the country’s film industry and create a market for “film tourism.”
There are a number of important ASEAN regional meetings taking place in March, including the Senior Economic Officials Meeting and the ASEAN – Australia – New Zealand FTA Economic Committee meeting.