A new study by UOB has found that more than 80% of businesses in Asia are looking to expand internationally over the next three years, with ASEAN and China being the top two markets businesses want to expand to. However, challenges in finding overseas partners, legal and tax support, and regulatory compliance are holding businesses back. The study surveyed over 4,000 small and medium-sized enterprises and large enterprises in Indonesia, Malaysia, Thailand, Vietnam, China, and Singapore. The top sectors looking to expand are industrials, oil and gas, wholesale trade, and technology and media. While around 90% of businesses believe in the importance of sustainability, only 45% have implemented sustainability practices. UOB Head of Group Commercial Banking, Eric Lian, warned that businesses that are slow to embrace environmental, social, and governance may lose out on business opportunities.
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