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The next decade will bring a dynamic change in the Asia Pacific business landscape, with more business leaders planning to increase investment in the region over the next 12 months.
According to a new study by PricewaterhouseCoopers, 46% of business executives stated they are “very confident” of growth in the region over the next 10 years. This is 10% higher than 2012 and four percentage points up from last year, despite slowing growth in China.
Almost 70% of executives also highlighted they plan to increase investment in the region, with China and Singapore among the most popular destinations for investment.
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“Asia Pacific today stands at a turning point as advancing technologies move beyond national boundaries and create new demands and even new industries,” Dennis M. Nally, chairman of PricewaterhouseCoopers International, said.
“CEOs see the need to be bold in breaking down the barriers to growth. They want to finalise the Trans-Pacific partnership, address intellectual property issues and encourage regulatory harmony in the region.”
A healthy, skilled workforce was found to be a priority when it came to increasing such corporate investment, according to the report.
While 75% of respondents stated they already have employee training/retraining programmes in place, 62% of them said they planned to increase resources in employee training over the next three years.
Almost three out of 10 (27%) of executives also highlighted they would be investing in new programmes to help employees manage chronic diseases, and ensure they remain fit and healthy.
The report also found that many businesses in the Asia Pacific region are still not ready to fully participate in the digital economy.
Less than half (46%) of Asia Pacific executives stated they are confident about profiting from their investments in social networks.
“Businesses are investing in a different Asia Pacific with rising numbers of urban middle-income consumers demanding new, technologically advanced products and services from business and governments,” Nally said.