Southeast Asia will take up China’s mantle as a factory to the worldover the next 10-15 years, as companies move to take advantage of cheapand abundant labour sources, according to ANZ Bank economists.
The economists said that the transformation will be driven by thegrowth of ASEAN with the bloc becoming the “third pillar” of regionalgrowth after China and India.
By 2030, more than half of the650 million people in Southeast Asia will be under the age of 30, partof an emerging middle class with high rates of consumption, said ANZ.
Moreover, the establishment of the ASEAN Economic Community bythe end of 2015 will enable free movement of goods, services ,capital and labour between its member states.
ANZ estimatesthat the Southeast Asian nations could lift intra-regional trade to 1trillion USD by 2025. Foreign direct investment into ASEAN from themajor economies could climb to 106 billion USD in 2025.
ASEAN can participate in Asia’s expanding production network as it possesses advantageous land and maritime routes.
Founded in August 1967, ASEAN consists of Brunei, Cambodia, Indonesia,Malaysia, Myanmar, Laos, the Philippines, Singapore, Thailand, andVietnam.-VNA
The economists said that the transformation will be driven by thegrowth of ASEAN with the bloc becoming the “third pillar” of regionalgrowth after China and India.
By 2030, more than half of the650 million people in Southeast Asia will be under the age of 30, partof an emerging middle class with high rates of consumption, said ANZ.
Moreover, the establishment of the ASEAN Economic Community bythe end of 2015 will enable free movement of goods, services ,capital and labour between its member states.
ANZ estimatesthat the Southeast Asian nations could lift intra-regional trade to 1trillion USD by 2025. Foreign direct investment into ASEAN from themajor economies could climb to 106 billion USD in 2025.
ASEAN can participate in Asia’s expanding production network as it possesses advantageous land and maritime routes.
Founded in August 1967, ASEAN consists of Brunei, Cambodia, Indonesia,Malaysia, Myanmar, Laos, the Philippines, Singapore, Thailand, andVietnam.-VNA
