By Michaela MendesNovember 2020
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A Bloomberg Business study says the top markets spurring investor confidence are in the Asia-Pacific region. Specifically, China, Australia, Singapore, South Korea, Japan, and New Zealand are poised for a swift recovery post-pandemic. What sets these markets apart?
Research finds these countries were better able to manage declining supply chain flows and hampered international trade. They also have ample government support and strong initiatives focused on building data security.
Companies in various industries, from plant-based proteins and enterprise technology, to healthcare innovation and financial tech, are still seeking to expand their footprint in Asia.
Here, we outline how countries in the Asia-Pacific region have developed programs and capitalized on opportunities, setting an example for the rest of the world.
#1: Singapore: Meaningful government support
Heralded as a world financial and logistics hub, Singapore’s government paved the way in creating financial aid programs for businesses affected by the pandemic. This included a significant fiscal stimulus amounting to $74 billion.
“Both fiscal and monetary expansion are the most important mechanisms in order to boost up the economy from this COVID-19 crisis,” said Piti Srisangnam, Director of Academic Affairs at ASEAN Studies Center at Chulalongkorn University of Thailand.
Talent reskilling is another arena in which Singapore bolstered its initiatives in response to Covid-19-related economic cuts. The country also introduced a “Scale Up” program that features digital transformation and new business building to support growing startups.
#2: Singapore, Australia, and South Korea: Prioritizing business digitization
From mobile service and ride-hailing to food delivery and fitness, most industries have seen a change in consumer habits following the pandemic. Fewer migrant workers, insurmountable production costs, and the collapse of travel and aviation industries meant countries had to rely on their digital capabilities.
Research from PriceWaterhouse Coopers and Telstra found that Australia’s latest nationwide digitization efforts will add up to $90 billion while adding some 250,000 new jobs by 2025. Similarly, as part of its Digital New Deal, South Korea has ramped up its investments, channeling $41 million in 5G infrastructure and cloud computing.
Trade that spurs global expansion is still envisaged in economies that map and refine their digitization in pursuit of expansion. According to the Economic Development Board, Singapore continues to expand trade through digital channels. The city-state entered a first-of-its-kind Digital Economy Partnership agreement with Chile and New Zealand to promote international digitized trade.Australia’s latest nationwide digitization efforts will add up to $90 billion while adding some 250,000 new jobs by 2025. Click To Tweet
#3: Taiwan, New Zealand and Japan: Responsive crisis management and business continuity
According to Bloomberg, building a business continuity plan and implementing a digital transformation strategy have proven to be two of the key factors to a swift recovery for Asia’s economies.
New Zealand opted to host the 2021 APEC Summit using virtual platforms. Meanwhile, Microsoft Teams is being crowned a de facto messenger tool for some governments, including Japan’s Supreme Court proceedings and Taiwan’s legislature.
Through delicate merging of systems and actively seeking new methods of collaboration, these Asian-Pacific countries are successfully sustaining operations through the crisis.
Considering Asia-Pacific Expansion?
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