“Our long history in Southeast Asia and the dynamic business environment that has emerged in recent years, make expansion in the region a strategic imperative in NetSuite’s next phase of international growth. Our announcements today demonstrate the success we’ve seen already and our deep level of commitment moving forward.”
The company views Singapore as the hub for Southeast Asia that has the potential to facilitate tremendous opportunity for growth with the establishment of ASEAN Economic Community (AEC) in 2015, creating a regional economic force. Setting up the AEC allowed the borders of member states (Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, Brunei, Cambodia, Laos, and Myanmar) to be officially opened to the free flow of trade, labor and capital, creating an enormous market.
Furthermore, the relaxation of trade barriers and tariffs supplies a more competitive environment for local players as well as amateurs or well capitalized multinationals enter the market.
Explaining why Hong Kong has drawn the company’s attention, the press release mentioned that Hong Kong serves as a gateway to China. It further added:
“Hong Kong has been the ASEAN region’s largest trading partner since 2009, while ASEAN has been China’s third-largest trading partner, thanks to a Free Trade Agreement between the two. The combination of a unified AEC and growing demand from the Chinese market, creates a huge opportunity for businesses in the region.”
Data centers find an extensive use in companies dependent on the internet, digital entertainment, logistics and financial services fields, which take to cloud computing operations. To tap the growing opportunity in Kong Kong and Singapore, NetSuite OneWorld would provide businesses with a modern, flexible and global financial system, with support for local language, currencies and tax and regulatory requirements.
“Businesses in Hong Kong and Singapore are already reaping the rewards of open trade and global expansion,” said Zakir Ahmed, Vice President and General Manager, NetSuite Asia. “NetSuite OneWorld is giving these businesses the flexibility and agility to fully capitalise on the current cycle of growth.”
Nelson has expected a cost-effective set up of data centers, estimating initial expenses to range from US$2 million and US$3 million each in the two locations targeted by NetSuite.