HSBC Global Looking to ASEAN Region for Growth

HSBC Global Private Banking is leveraging its international connectivity and investment expertise to meet the increasingly sophisticated and international needs of its high-net-worth clients in Thailand. Given the Western economic slowdown, Asia and ASEAN, according to the company, offer high-growth potential and opportunities for businesses to expand in the region.

According to Surendra Rosha, group executive and co-chief executive of HSBC Asia-Pacific, in an exclusive interview with the Bangkok Post, foreign direct investment (FDI) has been increasing in various countries and industries throughout the region.

According to HSBC, ASEAN, the world's fastest-growing trade bloc, has continued to attract substantial FDI despite rising volatility in global capital flows, establishing itself as the No.4 investment destination globally.

The bank’s large corporate customers have expanded businesses and investments in regional markets in several industries, particularly manufacturing, energy, automobiles, e-commerce, innovation and fintech.

Electric vehicles (EVs), according to Mr Rosha, are a key sector attracting FDI to Thailand, Vietnam, and Indonesia. Aside from using the countries as manufacturing bases, FDI also includes EV-related industries such as batteries and charging stations.

Thailand's key advantages for the business segment are large economies of scale in the automotive industry and the transition from combustion engine vehicles to EVs, he said.

According to Mr Rosha, ASEAN-based and large Thai corporations have more opportunities for outbound investment, both regionally and internationally. HSBC, Thailand's leading international bank with global connections, is ready to assist local customers investing abroad, he said.