ASEAN market is booming, says Midea

Guangzhou, China, 12 April 2018: The ASEAN region is shaping up to be a booming and promising market, said Peck Zhao, Senior Specialist of Marketing, Midea, adding that to meet growing demand the company has set up more than 12 branches in the region in countries such as the Philippines, Thailand, Malaysia, Singapore and Indonesia. The biggest demand, Zhao said, is for RACs, largely owing to a fast-growing population, particularly in Indonesia.

 The second reason, Zhao said, is that the presence of traditional home appliance companies in those countries is decreasing, while the strength of Brand China is steadily growing. This, he said, is not owing to a more competitive market but a series of joint ventures, allowing Chinese companies to be more active in Southeast Asia rather than in Europe, being positioned near the region. “Also, the [One Belt One Road],” Zhao said, “is helping us do more marketing in those countries.” The initiative, he said, has resulted in billions of dollars’ worth of agreements for the next five years and a number of potential projects.