Southeast Asian countries are considered the growing markets of the world because of their strategic positions. This region is inhabited by approximately 600 million people. Many western companies want to tap into Southeast Asian countries to explore the untapped potential opportunities. Southeast Asian countries are geographically divided into two groups: Maritime Southeast Asia and Mainland Southeast Asia. The countries that are included in the first group are East Malaysia, East Timor, Brunei, Indonesia, Malaysia, and Singapore. The second group comprises countries like Myanmar, Burma, Laos, Thailand, Peninsular Malaysia, Cambodia, and Vietnam.
Tapping into these countries is not an easy task. Do you want to know why? Each country has a unique target market and people in these countries speak distinct languages. The best way to mitigate the barrier to entry is to speak with the customers in the language that they understand. Let’s suppose you want to expand your business in Japan. To mitigate the communication in Japan, you have to take the assistance of professional Japanese translation services
Markets to Penetrate in Southeast Asia
You must have to do market research to tap into any country. Marketing research will help you in understanding the customer’s preferences and consumer behavior. If you want to tap into Japan then you must know that the Japanese like to buy clothes online. To understand this consumer behavior, Japanese translation services are of great help to you. Let’s have a look at how you can penetrate different Southeast Asian countries.
Singapore is a small country with a population of approximately 5.64 million people. The people of Singapore speak languages like Malay, Mandarin, Tamil, and English. If you have analyzed the target market of Singapore and observed that the target market you want to cater to speaks only Malay and Mandarin then you have to go for Chinese translation services to get across your message to the target market. You must be wondering why Chinese translation. Because Mandarin is one dialect of the Chinese language.
Singapore is famous for its robust diverse manufacturing industries like aerospace, engineering, biomedical sciences, and electronics. In addition to it, it has made a name in chemical manufacturing. To your surprise, there are around 100 global petroleum, petrochemical, and specialty chemical companies that are working in Singapore. In addition to it, manufacturing contributes to 20% of the country’s GDP. This number is considerably high compared to other Southeast Asian countries.
In Singapore, you can easily find a skilled and educated workforce. People are proficient in the English language too. Its transparent juridical system and ease of doing business ranked it at the top ranking in the world bank yearly report regarding ease of doing business. The important thing to note is that Singapore is a less attractive country for B2B sales. However, it focuses on advanced manufacturing skills. As the neighboring countries of Singapore are less developed, it provides a gap for businessmen to fill through manufacturing industries.
Malaysia and Singapore have many things in common such as less distance among global shipping lines, English speaking population, and ease of doing business. Fortunately, the disposable incomes in Malaysia are also higher than the other Southeast Asian countries. The main items that contribute to the country’s economy are machinery with related equipment, electronics, and the manufacturing industry.
Petrochemical production and chemicals also contribute 10% of the output. Around 33 million people reside in Malaysia. Other markets like Vietnam have highly active manufacturing sectors like furniture, machinery, agriculture, and electronics. This allows you to act as a local company in Malaysia that provides manufacturing products to foreigners. One thing that hinders business in Malaysia is its taxation system. To understand the taxation system of Malaysia and to mitigate the barriers to entry, Professional Malay translation services are of great help
Do you know that Indonesia is the second-largest beneficiary of foreign direct investments in Southeast Asia? The manufacturing industry is one of the great contributors to the economy. The area of production in Malaysia is electronics, automotive, palm oil, minerals, petroleum, coal, and automotive. The greatest strength of Indonesia is its biggest population. It facilitates the company in having a diverse consumer base. Therefore, companies that want to sell products related to the production items can easily tap into the Indonesian market.
The other area which is making rapid growth in Indonesia is its digitalization. It provides great opportunities to FinTech companies, Saas solutions, and digital banking.
Do you know that Indonesia has the highest number of Unicorns in Southeast Asia? It includes Traveloka, J and T Express and GoJex. People can easily tap into Indonesia because the ease of doing business in Southeast Asia has improved in recent years. They have also reduced the income tax slab. In addition to it, they launched a single submission system for business registration.
Entrepreneurs and businessmen around the world want to do business with China. This is because China is making progress by leaps and bounds. For doing business with China, people are taking the assistance of translation companies. In this article, we have thrown light on Southeast Asia.
It is the most progressive and fastest-growing region in the world. Apart from countries like Singapore, Malaysia, and Indonesia, you can also tap into the countries like Thailand, Philippines, Vietnam, Myanmar, Burma, Laos, and Cambodia.