During a panel discussion at the inaugural Asia Future Summit, OCBC Group CEO Helen Wong emphasized that the future of Southeast Asia will be significantly influenced by intra-Asia trade and investment flows. She noted that the pandemic underscored the importance of strengthening ties with neighboring countries.

The summit, co-hosted by The Business Times, The Straits Times, and Lianhe Zaobao, featured a discussion titled “Seizing the Next Bound of Growth in Asia.” Wong highlighted that ASEAN has become China’s largest trading partner during the pandemic, leading to increased trade and investment between the two regions.

With the emergence of the “China-plus-one” strategy, Wong observed a growing interest among Chinese firms in countries like Malaysia, Indonesia, and Vietnam. These companies are keen to establish supply chains and are often using Singapore as their ASEAN headquarters before expanding into other regional markets.

Mitsunobu Koshiba, former chairman of JSR Corporation, supported Wong’s assessment, stating that Southeast Asia has shown resilient growth post-pandemic. He cited Apple’s diversification of its iPhone production away from China as an example of how companies can benefit from the regional decoupling. Koshiba indicated that this shift presents new opportunities for suppliers, particularly in the semiconductor industry.

The discussion also touched on corporate strategies in times of uncertainty. Koshiba advised companies to postpone major decisions to explore various options, emphasizing the need to be cautious during such volatile times. In contrast, Wong argued that waiting too long could result in missed opportunities, stressing the necessity for companies to act swiftly.

Both leaders agreed on the importance of having the right talent to navigate these challenges and opportunities. Wong highlighted the significance of keeping pace with technological advancements and sustainability efforts, urging businesses to focus on building capabilities that would enable them to adapt to the evolving landscape.