The global outbreak of COVID-19 has significantly accelerated the growth in the Technology industry. It has helped ASEAN countries to respond quickly to disruptions caused by the coronavirus pandemic. Governments and businesses are forced to adopt digital technology in order to survive in this pandemic and continue to be competitive in the road to recovery. 

Advance technology has helped the government effectively trace and track potential infectious cases and trace their close contacts using location-based (GPS), hospitals are using Artificial Intelligence (“AI”) to forecast traffic tool to ensure service assurance is delivered within capacity. Telecom operators have increased its coverage and capacity during this pandemic to prevent network congestion and convergence of broadband and 5G will be happening in the near future. 

Dato’ NK Jasani, Country Managing Partner of Grant Thornton Malaysia PLT commented:

“The pandemic has created a new normal where people are relying on technology to share information. Working from home, which was not an option in ASEAN previously is now essential due to the movement restriction control from the government.

Besides that, with the help of technology, the growth of e-learning and shifting purchasing behaviour from retail shopping to online shopping has been significant and will continue to bloom in the coming 5 years.”

With the focus of helping businesses in adopting digitisation to expand further, Grant Thornton ASEAN launches the ASEAN Focus Technology Industry Services. This is to meet rising demand from businesses who require Technology Industry looking to expand, relocate or diversify its operations to the region in the wake of the COVID-19 pandemic.

“Looking ahead, we anticipate strong growth in technology in the emerging ASEAN market and with the acceleration growth in the Technology sector due to the current COVID-19 situation, we foresee there will be high demand in the digital transformation in the near future, underpinned by Cloud, Internet-of-Things, AI and 5G. Technology business shall ride on this opportunity to expand the operations to the region,” he continued.

While the ASEAN region is often the prime choice for businesses and investors, any relocation or expansion in a new country or region can be challenging. Many factors need to be considered, including risk management, tax incentives, investment returns, cultural differences and more.

With a team of local experts from the Big 7 ASEAN countries – Malaysia, Indonesia, Philippines, Singapore, Thailand, Vietnam and Cambodia, Grant Thornton ASEAN can provide medium to large enterprises valuable business insights and strategic perspectives, evaluate business challenges and support their needs in both local or regional growth.

To know more about Grant Thornton’s ASEAN Focus Services on Technology Industry, please visit https://bit.ly/ASEANTechnologyIndustry