Evolving Industries, Advancing Asia

Industry in Asia has undergone tremendous changes and has diversified in the past decade. Traditionally, Asia has been a manufacturing hub, but the region is witnessing a shift towards technology and moving up the value chain. This process has been intensified by the advancement of digital technologies and governmental efforts, which contribute to positive changes. China, being the largest economy in the region, is still ahead in terms of industrial modernization. To that end, the country plans on enhancing manufacturing competence by adopting automation, Artificial Intelligence (AI) and other advanced technologies. This change in direction is aimed at moving away from relying on industries that rely on cheap labor, and to establish China as one of the leading producers of sophisticated products like robots, aircrafts and renewable energy.

India is also experiencing a significant industrial development. India is currently progressing in software development, FinTech and biotechnology with a stronger information technology industry and growing startup culture. Measures are being taken by the government to encourage FDI, boost the country’s industry and improve its competitiveness across the globe. These changes are being driven by the country’s demographic dividend with the population now young and increasingly skilled. Southeast Asian countries such as Vietnam, Indonesia and Thailand are on the precipice of becoming the next industrial powerhouse. These nations are advantaged by their geographical positions, cheap labour and endeavour to enhance their infrastructure and business environment. The emergence of new business models such as e-commerce, fintech, and the digital economy is also restructuring the industrial environment in this region, enabling new opportunities for growth. Japan and South Korea are two countries which have kept their focus on advanced manufacturing and technological advancement to fuel industrialization.

Keeping abreast of the latest developments in the business landscape, Asia Business Outlook has shortlisted the select few companies and leaders from different industries who have proved their excellence through their innovative approach. In a bid to contribute to the continent’s business ecosystem with their result-oriented persistence, they are raising the bar for efficacy.

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