Asean is a gold mine just waiting to be tapped
Wed Mar 12 2025
The SAR is unquestionably trying to unlock the potential of the Association of Southeast Asian Nations market, which has 34 percent of its population aged between 15 and 34, meaning a large pool of workers and consumers.
It makes good sense to. First of all, the Asean region has a population of 670 million and an economic scale of US$3.8 trillion, a gold mine in the true sense. What is more essential is that over 50 million people in the region are Chinese descendants speaking languages including Cantonese after English.
Though the Chinese diasporas in Indonesia, Thailand, Malaysia and Singapore may be small relative to other ethnic groups, they control most of the cash.
In Indonesia, between 70 and 80 percent of the private money is reported to be in the hands of the Chinese diaspora - and so is it with Thailand which has got the Chearavanonts, a Sino-Thai family; Malaysia which has the Kuok family; and Singapore that is packed with the Kwans and Ngs. These families speak the Hong Kong language.
Even though Filipinos are largely not Chinese-speaking, the Philippines, an Asean founding member, has become the third largest source of visitors to Hong Kong only after Mainland China and Taiwan, with 1.19 million recorded in 2024. Literally and culturally, this make them perfect partners offering the SAR a fast track to the Asean middle class that is projected to expand rapidly between now and 2030.
Experts say Hong Kong may readily jump in the areas of trade, technology, construction and culture to leverage the ties. While these are true in principle, it is easier said than done. The challenge is not about what others think but to be found in the SAR itself. Not just individual Hongkongers but policymakers would have to reboot their mindset.
Cultural ties aside, the smaller countries in Asia have learned over the years how to navigate with a view to staying balanced between the political tug-of-war of the major powers.
Asean leaders are pragmatic, knowing their relative strengths. Most of them maintain good ties with China and the United States at the same time, understanding the danger not to. Their trick in common is to avoid placing all the eggs in one basket. Since Donald Trump regained the White House, it is obvious that these countries have been working to deepen internal supply chains within the region and enhance ties with economies including the EU, Japan, South Korea, Russia and the Arab world while not losing the balance between China and the US.
The SAR does not have the Asean states' freedom to diplomatically maneuver on its own but this should not stop it from referring to the latter for useful experience as it tries to chart the troubled water ahead.
Being agile is essential.
In addition to the Cantonese and mandarin speakers, the diasporas speak fluent English. Should Hong Kong show a great determination to improve its English proficiency too?
Also, there is the question of cultural diversity that, as some critics have accurately noted, is more than merely having different nationalities in one city but rather a quality of understanding and respect within and beyond it.
As Hongkongers set out for the Asean market, they should understand what others need and their cultures. The old saying goes that "know yourself and the others, and you will not be defeated."
Source: https://www.thestandard.com.