Helping companies stay competitive and relevant in an increasingly challenging and global marketplace is a key element of CenterState CEO’s business-development strategy. That is why we are offering assistance to businesses interested in exploring growth opportunities and increased sales in one of the fastest growing markets in the world — the Association of Southeast Asian […]
Helping companies stay competitive and relevant in an increasingly challenging and global marketplace is a key element of CenterState CEO’s business-development strategy. That is why we are offering assistance to businesses interested in exploring growth opportunities and increased sales in one of the fastest growing markets in the world — the Association of Southeast Asian Nations (ASEAN). It consists of Singapore, Malaysia, Thailand, Vietnam, Cambodia, Laos, Myanmar, Indonesia, the Philippines, and Brunei.
Several CenterState CEO members that have traveled to the ASEAN region with support from CenterState CEO have seen impressive results, including finding distributers and gaining new global sales and customers. The ASEAN area has a market of $2.6 trillion annually, with a strong record of economic growth, 4.8 percent, in 2016-2017. With a population of 622 million people and a stable labor market, domestic demand, wage growth, and strong private consumption will remain major growth drivers in the region.
Through its participation in the U.S. Department of Commerce’s Market Development Cooperator Program (MDCP) — with technical assistance from the CNY International Business Alliance (CNYIBA), and support from National Grid and New York State’s Global NY program — CenterState CEO can offer businesses interested in generating sales in this part of the world grant funding to travel to the region, pay for trade show fees and booth rentals, or produce marketing materials. Additionally, the CNYIBA can support companies with technical support such as finding distributors or customers in the region, and resolving trade financing or regulatory issues.
Five of the ASEAN nations (Singapore, Malaysia, Thailand, Vietnam, and Indonesia), present particular opportunity to Central New York businesses as they are among the top 30 trading partners of the United States, with Singapore acting as a key gateway to the ASEAN. Singapore has been ranked number 1 by the World Bank for ease of doing business since 2003. As a result, the U.S. has a favorable balance of trade with Singapore, with U.S. exports to Singapore totaling $28.7 billion in 2015, and Singapore selling $18.2 billion of goods and services to the U.S.
Businesses interested in these opportunities should contact Dave Mankiewicz at CenterState CEO at (315) 470-1942, or Steven King at the CNYIBA at (315) 470-1925.
Robert M. (Rob) Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on Aug. 10.