Illustrative photo (Source:VNA)
Kuala Lumpur (VNA) – ASEAN is a fertile ground for innovation driven by entrepreneurship, according to a study conducted by the Global Entrepreneurship Monitor (GEM).

The study, which was done in Vietnam, Indonesia, Malaysia, the Philippines, Singapore and Thailand, shows that ASEAN is among the most potential areas for business in the world with 66 percent of their people viewing business as a positive career choice, 3.54 percent higher than the global average.

The study said the region is appropriate for business as neighbouring countries in Asia and in the Pacific Rim see that ASEAN is providing good opportunities for trade, business and economic partnerships.

GEM Executive Director Mike Herrington said ASEAN plays an increasingly important role on the global economic stage.

“An ASEAN Economic Community (AEC) is no longer an abstract but a reality that the regional governments are urged to embrace,” he added.

The GEM report recommended 10 key focus areas to boost entrepreneurship and innovation across the region, including building the professional ability of governments to better understand and support entrepreneurs, and meaningful media communications.

It also stressed the need to invest in IT infrastructure and create tailored development programmes for entrepreneurs.

With their focus on reforms, regional governments create a favourable environment to foster innovation, facilitate more productive economies, as well as open up new and better job opportunities for people from every walk of life.

ASEAN’s established business rate of 14.1 percent is the highest regional average and is also significant compared to GEM’s average of 8.4 percent, the study reported.

Vietnam and Thailand lead the pack, followed by Indonesia while Malaysia and Singapore lag with lower levels of entrepreneurship across all stages of business, it said.-VNA