South East Asia is globally recognised for its fast-paced growth in the Information & Communication Technologies sphere.
Countries like Singapore and Thailand are at the forefront of the booming tech ecosystem, making continuous efforts to boost innovation and investments in the field.
Singapore is deemed the ICT hub in the ASEAN region and has an industry worth EUR 119.3 billion, employing over 170.000 people.
While Singapore focuses heavily on hardware manufacturing, the software space is somewhat lacking, thus inviting foreign solutions to supplement the growing demand.
There’s a strong need for ERP (Enterprise Resource Planning) solutions, cybersecurity software, cloud computing, big data and IoT solutions, in particular.
The government’s strategic ICT plan, Infocomm Media 2025, emphasizes on six sub-sectors – big data and analytics, the IoT, future communications, cybersecurity, intensive media, and cognitive computing – which present the most opportunities for growth in Singapore, for both local and international solution providers.
It is an environment that stimulates innovation and encourages participation from the most state-of-the-art companies, irrespective of their origin.
Singapore is also a great entry point onto other markets in the ASEAN region, as it is more receptive to new players and encourages the development of new products.
Such a rapidly expanding market in the ICT sector is Thailand, a country that is making continuous efforts to close the digital gap and build a more competitive innovation landscape.
Numerous initiatives are currently underway in Thailand, all meant to contribute to the fast development of ICT in the country.
Among these, the ICT Policy Framework 2020, the Digital Development Plan for Economy and Society, the Third ICT Masterplan, and the Plan for Digital Government, have been developed to create a digital economy rich in solutions for online services, the Internet of Things, smart vehicles and transportation, e-healthcare, e-commerce and robotics.
Thailand employs over 450.000 people in the ICT sphere and focuses greatly on hardware spending, followed by software and services.
This means opportunities abound particularly in the software area, where there is a strong demand for smart services in healthcare and transportation, cybersecurity solutions, system integration services, especially for the manufacturing, banking, finance and telecom sectors, and Software-as-a-Service (SaaS) and Infrastructure as a Service (IaaS) solutions with applications in various sub-sectors.
Despite offering so many exciting business opportunities, South East Asia continues to puzzle companies who aren’t fully used to the regional customs and regulations.
European companies often find it easier to access the markets through local agents and distributors that know the intricacies of the industry inside out and have established professional networks.
EU Gateway | Business Avenues is a programme that helps European companies overcome these hurdles, make the right connections and integrate their businesses in the local landscape.
In 2020, another batch of up to 50 European companies will be selected to participate in a business mission to Singapore & Thailand and will have the opportunity to make long-lasting business connections locally.
The chosen companies get coaching on the local business landscape, promotion on the local markets, and logistical and financial support, to guarantee a successful start on the new market and fast growth.
Read more details about the opportunity at this link and send your expression of interest before 21 February 2020.