A new report by the Asia Business Council, featuring the Asia Manufacturing Diversification Index, assesses the preparedness of ten emerging Asian economies vis-à-vis China in a new world of global trade, as multinational businesses look to adopt “China-plus-one” or even “China-plus-many” strategies in export manufacturing, and intra-Asian trade continues to soar. It offers a strategic roadmap for countries aiming to increase their investment appeal by identifying new growth opportunities and overcoming obstacles in the face of global supply chain shifts and escalating trade tensions.

The speed of India’s rise in consumerism is outpacing China’s as the gap between the two countries’ markets continues to narrow. If it wants to maintain its lead as the world’s top market, China must broaden its focus to include rural areas and cater to often-overlooked consumer bases.

Increasingly, new cross-border environmental regulations like the EU’s carbon tax will leave countries such as Bangladesh and Cambodia little choice but to play catch up or risk losing out on global trade. Asian markets can embrace sustainability through artificial intelligence, clean energy investments and more collaboration among industries.

With Chinese lending to Africa shrinking, the continent must find ways to support its own development. It could do so by increasing internal trade, diversifying tradeable goods away from commodities, and developing its relationship with the U.S.

Washington should double down on combining policy support, financial incentives and advances in technology, to reduce its reliance on China-sourced material. As it strives to build a home-grown supply chain, investing in Canada’s critical minerals could be a game-changer.

The Asia Business Council conducted its annual survey of members in July 2023. Nearly half of the respondents show a growing optimism about business conditions in the upcoming year, anticipating Asian economies will continue to recover from the Covid-19 pandemic. However, economic challenges are at the forefront of their minds, with concerns about inflation, followed …

The US is turning to Vietnam in its attempts to diversify supply chains and curb China’s regional influence, but that is easier said than done. Vietnam’s booming durian exports are just one example of its close economic dependence on China, complicating US ‘friendshoring’ efforts.