‘Cultural understanding’ key to SE Asia trading success, IFB told

Firms and entrepreneurs looking to trade in South East Asia, China and North America have been taking advantage of two days of free advice sessions at Trade Exchange events organised by banking giant HSBC.

Addressing the session on trade with the Association of Southeast Asian Nations (ASEAN), Amanda Murphy, HSBC’s Head of Corporate Banking UK, said, “Cultural understanding is key. The ASEAN market holds great opportunity, and to be successful in any of the countries that are a part of ASEAN, it is important to develop an understanding of their culture.

“Business relationships are not as transactional as they can be in other parts of the world, and it is the relationships that you foster that can ultimately help your company reap the rewards of operating in the ASEAN market. A key challenge for businesses looking to operate in the ASEAN market is getting top quality people into the business – you have to have a compelling proposition to stand out from your competition.

“As a global bank, we’re hugely focused on bringing the opportunities of ASEAN to our customers. Having an introduction into a country can be really helpful in opening up doors, communicating with local businesses, but also helping understand the culture of those countries. During IFB2016, we are keen to get businesses attending the festival thinking about opportunities in ASEAN’s 10 dynamic markets and facilitating some of these introductions.