The majority (85%) of businesses in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) plan to maintain or grow their sales to the ASEAN bloc of countries in the next three years, according to the “Navigating Connectivity: Exploring ASEAN Opportunities for the Greater Bay Area” report released by the Hong Kong Trade Development Council and UOB.
Key findings
The survey of 671 GBA enterprises also revealed that GBA businesses’ top choices for sales markets are Malaysia, Singapore, Thailand, and Vietnam. Vietnam maintained its top spot for procurement and production outsourcing.
Moreover, it found the majority (70%) of respondents planned to expand to ASEAN in the next three years, compared with 60% in 2021.
Around 23.2% of enterprises prioritise digitalisation and believe it will likely boost their chances of entering the ASEAN market.
Outward-looking
“We see a strong trend among GBA enterprises to spread their wings abroad and boost long-term growth. With our cross-border and customised financial solutions, foreign direct investment advisory services, and a deep understanding of local markets, sector knowledge, and partnership ecosystem, we help to reduce barriers of cross-border expansion, address supply chain risks and minimise financing costs for customers,” Christine Ip, the CEO of Greater China of UOB, said.
“This survey confirms both the bold and outward-looking nature of the GBA’s overall development strategy while highlighting the essential role Hong Kong can play in ensuring this initiative reaches its full potential. It shows beyond doubt that synergy between the GBA members assures them of a better future than they could have achieved alone,” commented Louis Chan, the deputy director of HKTDC Research.
