The foundation of the AEC and its implication for South Korea
However, all countries may share their uniformed look at the 'AEC(ASEAN Economic Community)'. It is because the AEC came to the 2nd year of its ambitious inauguration 47 years after the establishment of the ASEAN in 1968. Along with the ASEAN Political-Security Community and the ASEAN Socio-Cultural Community, the concept of the AEC was born from the ASEAN 2025 adopted by the leaders of the ASEAN.
According to the AEC blueprint 2025, part of the ASEAN 2025, the AEC rests on four pillars: a single market and production base, a competitive economic region, equitable economic development, and integration with the global economy.
The foundation of the AEC and its implication for South Korea
The ASEAN(Association of Southeast Asian Nations), the 7th largest economy in the world, seems quite noisy in the wake of the new year, 2017. Assassination at the airport of the capital city of Malaysia triggered huge fury from all over the world as the North Korean regime is suspected of the mastermind of the incident.
While Myanmar is under international criticism for the massacre of its minority group, Indonesia sees social conflict with controversy of the majority religious party’s alleged attempt to exercise influence on the political sector. 10 ASEAN members are faced with their own weighty political or diplomatic issues as mentioned.
Startup boom in Southeast Asia and its implication for India to improve indispensable public services
However, venture capitals, symbols of adventurous money would remain indifferent unless they feel confident of more gains than losses by stepping into the digital frenzy in Southeast Asia. This also holds true to Korean startups and venture capitals gearing up to carve out the Southeast Asian market.
Local startup founders have made unanimous voices that success stories of mainland Chinese startups have inspired them a lot. It is a shame that Korean startups are rarely mentioned for role models of Southeast Asian young entrepreneurs. Beginning with promising industries including fintech, education and mobile games, now is the right time for Korean startups to hit the digital road hard in Southeast Asia.
Startup boom in Southeast Asia and its implication for India to improve indispensable public services
This could explain why global investment experts have been paying close attention to this area where youngsters covering around half of the overall population are jumping on the brand new era of digital economy. There are yet pending issues to tackle in startup fever in Southeast Asia.
Poor IT infrastructures in non-urban areas, shortage of high-skilled workforces and widespread financial illiteracy have chronically taken roots in most parts of Southeast Asia. With the exception of Singapore, capital markets and legal and institutional systems for startups in the region aren’t well devised and developed as well.
Startup boom in Southeast Asia and its implication for India to improve indispensable public services
Why startup markets in Southeast Asia are much spotlighted? High growth potential in the region would be singled out above all things. The number of internet users in key countries of Southeast Asia like Vietnam and the Philippines has been increasing the fastest in the world.
According to an article from the Wall Street Journal, whopping 120,000 online users are newly reported in the region on a daily basis. There is further prediction that 480 million people almost nearing the entire population of the EU (European Union) will be accessed to internet in Southeast Asia by 2020.
