Asia-Pacific (APAC) as a business destination has witnessed improvement in sentiments of companies driven by unique market dynamics, regulatory environments, rapidly growing economies, and technological advancements.
The region experienced a remarkable quarter-on-quarter (QoQ) upswing in business sentiments during the first quarter (Q1) of 2023.
Notably, the countries at the forefront of this surge were India, the Philippines, and Vietnam, showcasing their resilience and attracting investor confidence with their improved sentiment, according to GlobalData.
An analysis of GlobalData’s latest report, “Company Filings Analytics – Trends & Signals Q1 2023,” reveals that sentiments for the Philippines, India, and Vietnam improved by 11%, 8% and 7%, respectively, in Q1 2023 compared to Q1 2022.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “These findings highlight the progress and growing optimism towards business opportunities in the emerging markets across the APAC region. The improved sentiment for India, the Philippines, and Vietnam bodes well and presents exciting opportunities for businesses operating in these countries. GlobalData expects companies to take initiatives such as product launches, capacity expansion and setting up facilities in the APAC region.”
Grab Holdings Limited plans to launch two-wheel services in the Philippines, whereas Microchip Technology Inc increased its capacity at the country’s facilities to support technologies by making process improvements, upgrading, and adding existing equipment. Tupperware Brands Corp mentioned expanding the launch of air fryers in the Philippines, after its success in China.
In India, Emirates NBD Bank established two new full-service offices in Gurugram and Chennai, increasing its presence in the country. Precision Camshafts is committed to developing an affordable electric powertrain for light commercial vehicles (LCVs) in India. They are currently setting up their first EV plant in Solapur.
In Vietnam, Make My Trip discussed building inventories through direct supply contracts to deliver better value to customers in the country. Airbnb Inc mentioned Japan, Korea, China, India, and Southeast Asia as huge opportunities for growth as people have started to travel again.
Taiwan, New Zealand, South Korea, Malaysia, and Indonesia were among the other APAC countries with improved sentiment in Q1 2023. Meanwhile, sentiments for Singapore and Japan mostly remained unchanged.
Singh concludes: “Interestingly, China, which is the top APAC market, saw a dent in sentiments. This could be attributed to the geo-political tensions, macroeconomic conditions, and a regulatory crackdown on tech companies. ZimVie Inc discussed moving out of China to rationalize brands and focus on improving growth profitability. Entegris, Inc saw a sales decline due to the softening of the semi-market and the effects of the export restrictions in China.”
