The 9th annual EU-ASEAN Business Sentiment Survey (BSS) revealed a positive outlook for European businesses in Southeast Asia (SEA), underscoring growing importance of ASEAN-European Union (EU) relations.
The survey is a vital barometer to gauge European business outlook on key issues including macroeconomic conditions, policy and regulatory environment in Southeast Asia, and the development of bilateral and plurilateral free trade agreements in the region.
The findings from this year’s survey, which had nearly 600 responses from the European private sector, indicate an overall optimistic outlook for ASEAN.
Some 80 per cent of respondents believe that ASEAN markets will become more important in terms of worldwide revenues over the next two years, highlighting the region’s growing significance in the global economy, a 15 per cent jump from 2022.
Eighty-four per cent of respondents expressed their intention to boost levels of trade and investment in ASEAN, a seven per cent increase from 2022. Meanwhile, 65 per cent of respondents anticipate an increase in profits in ASEAN for 2023, showing a continued positive trend in the region’s business landscape. This percentage remains robust despite a slight decrease from last year’s figure of 69 per cent.
The survey also revealed that around two thirds of respondents view ASEAN as the region for best economic opportunities over the next five years, reflecting a consistent perspective compared to the previous year.
August 29, 2023
