Tajwar Arnab, August 17, 2023
My name is Tajwar Arnab and I am currently pursuing a Masters of Public Policy and Global Affairs at the University of British Columbia, specializing in Global Development and Technology Policy. I believe that the MPPGA program alongside with the internship at GreenTech Asia will allow me to further my career goals by equipping me with the necessary tools to address policy-related complexities. I aim to work in the technology policy sphere as it allows me to combine my passion for technology with my commitment to promoting positive societal impact through informed policy decisions.
For the last two months I have had the valuable opportunity to work with GTAsia as a research consultant. As a part of my internship, I am currently focused on producing a 40-page market research report covering various economic sectors in the ASEAN region. The report focuses on specific market opportunities such as Agri-Food, Indigenous-led Exports, Value-Added Exports, Tourism, and Rare Earth Element Mining.
The purpose of my internship at GTAsia was twofold: to gain practical, hands-on experience in my chosen field and to expand my knowledge and skills in the world of technology and business. As a student intern, I was eager to apply the theoretical concepts I had learned in the classroom to real-world scenarios. GTAsia provided the perfect platform for me to bridge the gap between theory and practice, allowing me to grow both personally and professionally. In addition, I was able to learn firsthand about a consulting firm’s internal workings and develop my skills in writing market research reports.
During my time at GTAsia, I had the chance to delve into the fascinating market opportunities that Southeast Asia offers to international companies. One notable project I had the privilege to be involved in was the production of a comprehensive market research report focusing on economic sectors in the region.
Southeast Asia is emerging as a prime prospect with a wealth of opportunities for international companies to expand their footprint. With its rapidly developing economies, population, environmental awareness, and growth initiatives, the region offers a favorable environment for companies and investors to enter the market.
Southeast Asia has one of the fastest growing economies in the world. According to the World Economic Forum, the region is expected to be the fourth largest economy in the next decade with a robust growing middle class and a consumer market worth US$4 trillion.
Canadian companies in certain sectors are well positioned to capitalize on the potential of this vibrant market. Companies have the chance to prosper in Southeast Asia due to their dynamic economies, welcoming business environment, and commitment to growth by the government.
There are several opportunities for Canadian companies to enter the Southeast Asian markets. Some examples of these opportunities (which I build on in the full report) are as follows:
Agri-Food: The Agri-Food sector is booming with opportunities due to increased demand for meat consumption in the region. Along with a growth in the demand for beef, there is a corresponding rise in the need for animal feed due to the expansion of the agricultural infrastructure in the area.
Traditional and Cultural Indigenous Goods: Potential demand for ocean products, Indigenous art, and Indigenous tourism.
Infrastructure: ASEAN countries are undertaking large-scale development projects and are committed to moving towards a green infrastructure. This presents a wealth of value-added export opportunities for Canadian exporters.
Tourism: Tourism is another industry where there are many opportunities for Canadian businesses to enter. Following COVID-19, ASEAN countries are committed to revitalizing their tourism sectors and moving towards smart tourism and ecotourism.
Critical Minerals: Finally, with the push for a greener future and greener technologies, rare earth elements are becoming valuable commodities. Vietnam is looking to expand its REE mining operations, providing opportunities for Canadian mining companies/consulting companies to export their services.
One of the most significant challenges I encountered during my research was the question of: How could I best define ASEAN? ASEAN or Southeast Asia cannot be perceived as a homogeneous region with similar cultures, religions, values, and beliefs. The region is rich in its diversity; each country/region has its own history, culture and traditions. For example, Malaysia is a country with a majority Muslim population, while Thailand is a country with a majority Buddhist population.
Companies looking to expand their presence in the region should explore the market opportunities available. However, before pursuing overseas trade, they must consider developing a strategic export plan that incorporates certain variables such as financing, timelines, marketing plans, logistics and, most importantly, local ASEAN partners.
The report provides companies interested in expanding their operations in Southeast Asia with a quick snapshot of current and emerging opportunities in the region. It also provides information on the barriers, challenges and key stakeholders associated with specific sectors of the economy.
A schedule of trade exhibitions and conferences will also be provided for companies to attend in order to meet local Southeast Asian suppliers. Once published, I hope my report can help inform the decisions of GTAsia’s stakeholders and partners.
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