The ASEAN digital economy market reached 194 billion USD in 2022 and Indonesia contributed up to 40%, said Rizal Edwin, expert staff for Digital Transformation, Creativity, and Human Resources at the Coordinating Ministry for Economic Affairs of Indonesia.
According to Edwin, with a population of 679 million people, accounting for 8% of the total world population, ASEAN has a large and promising market potential for the business world, including retail.
The development of information and communication technology has also facilitated consumer access to products and services and created new business opportunities. The presence of e-commerce, as well as online trading platforms, has changed the face of ASEAN retail.
He said that increase in internet penetration and smartphone use has caused e-commerce to develop very rapidly and create new opportunities for entrepreneurs and business people in this region.
On the other hand, the stable growth of ASEAN countries has also influenced the retail sector’s development.
The economic growth of some ASEAN countries is above the world’s average growth of 3.1%. Malaysia, Vietnam, the Philippines, Cambodia, Singapore, and Indonesia recorded growth in the range of 3.8 to 8.7%.
Indonesia is also considered to have played a role in formulating international trade cooperation which brings great benefits to partners.
A number of agreements, such as the ASEAN Free Trade Area, as well as the Comprehensive Economic Partnership Agreements (CEPA) with trading partner countries, have facilitated trade between countries.
Source: Lao News Agency