There are many drivers of growth in the region but four factors are transforming ASEAN's business landscape:
expanding cities accelerating economic growth, improving productivity and raising demand;
a growing consumer class with greater purchasing power;
innovation and digital disruption creating the world's fastest-growing online market for goods and services; and
deepening integration and stronger connectivity, including the in uence of Australia's FTAs, making it easier to conduct business and supporting stronger regional value chains.
EXPANDING CITIES
Over one-third of ASEAN's population live in cities, contributing more than two-thirds of the region's GDP. An estimated additional 90 million people will live in cities by 2030, and this could add more than US$500 billion to ASEAN's GDP.
Future cities in ASEAN will require innovative and specialist services, products and technologies to address urban challenges such as overcrowding and congestion, infrastructure needs and pollution.
ASEAN cities will demand substantial investment across the region in new and retro fitted major transport infrastructure, power and water utilities and tourism facilities. In addition to private investors and ASEAN countries' own resources, investment is stemming from China's Belt and Road Initiative, Japan's Partnership for Quality Infrastructure, and multilateral development banks such as the Asian Infrastructure Investment Bank, the Asian Development Bank and the World Bank, for market-ready proposals.
Australia's reputation for liveability is widely recognised. Australian solutions can, and are, helping to build ASEAN cities of the future
Australian firms can also provide building materials and consulting expertise in integrated precinct planning and environmental design, intelligent transport systems, renewable energy and storage solutions. Firms can offer input to efficient public services and civil safety, smart environmental technologies, including for air quality control, and services to protect critical public infrastructure.
Great opportunites are available as demonstrated by this extract from Austrade, for more information follow this link: https://www.austrade.gov.au/asean-now/growth-opportunities-for-australian-business/expanding-cities/
