With global business corridors subject to geopolitical shifts and structural realignment, Asia’s companies stand at a new crossroads—where old formulas for success are stalling, and new highways to growth are emerging. Long-established global trade and investment patterns are reconfiguring in response to geopolitical tensions, a “just in case” rather than a “just in time” mindset, and increasing sophistication in Asia’s skills and capabilities. Companies operating in Asia—local, regional, and multinational—have an opportunity to benefit from these changes.
The global order is in a paradoxical state in which heightened connectivity coexists with growing geopolitical fragmentation and domestic political pressures in multiple markets. The world remains more connected than ever and yet is witnessing geopolitical uncertainty. Firms that reimagine rather than retreat from interconnection can reshape value chains in ways that contribute to both growth and resilience. Time and again, the tumultuous periods of the past have opened the door to new eras.
Despite the fluidity of the business outlook, it is clear that Asia will remain at the epicenter. Asia is home to 18 of the 20 fastest-growing business corridors and 13 of the 20 largest. This offers opportunities for Asia’s companies to transform into global leaders, to shape Asian and global value chains, and to show the world how to effectively navigate new avenues of immense opportunity (see sidebar, “Shifting global trade routes”).
Five corridors of opportunity
During this period of transition and uncertainty, Asia remains the key to global connectivity. The newly emerging and fast-growing business corridors are evidence of this. The growth of new corridors in technology, services, and green business will likely be accompanied by opportunities arising from the redirection of established business corridors. These include entrenched but nascent bilateral relations.
These new, fast-growing business corridors provide immense potential for local, regional, and multinational companies to become the new Asian giants. Five highways to growth in this new era stand out.
1. New—and renewed—partners
The past few years have given birth, or, in some cases, rebirth, to business corridors between countries that traditionally have not had strong trade relations. An example is the Japan–India connection. The top 15 Japanese companies in India contribute half of the revenue generated by all Japanese companies operating in the country, amounting to some $23 billion.
Meanwhile, other countries in the region are reinvigorating corridors with old partners. In August 2024, for instance, the second India–Singapore Ministerial Roundtable agreed that each country would cooperate to help develop each other’s capabilities in high-value products, such as advanced manufacturing, aviation, and semiconductors.1
As Asian countries expand their footprints globally, many are well-positioned to leverage these new business corridors and capture fresh opportunities. For example, there is a widening opportunity for Indian and UK enterprises to forge stronger alliances based on complementary economies. As India grows as a global manufacturing partner, its export of goods is projected to reach $1 trillion by 2030. The country’s share of middle-income households is also set to increase threefold by 2030. Meanwhile, the United Kingdom leads Europe in venture capital technology funding and has the second-largest commercial market for visual arts—and the capital to tap into a big market such as India. Companies such as the Bharti Group recently joined other Indian firms, including Mahindra, the Tata Group, and TVS Motor Company, to strengthen the India–United Kingdom corridor.2
2. China-to-the-world connections
Whether global supply chains are diversifying or simply rerouting remains a potent question.
Growth has differed across the region: Indonesian and Vietnamese exports have grown the most rapidly, and alongside foreign direct investment (FDI) surges, these countries have seen more manufacturing investment and production relocation than others. In Vietnam, the value of imports from China has doubled between 2017 and 2023—an additional $50 billion—and its exports to the United States have increased by $60 billion.3 A similar, although less pronounced, trend can be seen in Malaysia, the Philippines, and Thailand.
Shifting patterns vary by industry, too. Overall, the most prominent trend in Vietnam is increasing growth in electronics and, in Indonesia, metals and chemicals.
Vietnamese exports to China have grown from $20.8 billion in 2008 to nearly $172.0 billion in 2023 and $112.0 billion by mid-2024. While Vietnam exports electronics, footwear, and agriculture to China, it imports heavy machinery, construction materials, and chemicals.4 Indonesia’s total trade with China has increased from $77.3 billion in 2018 to $139.4 billion in 2023. Over 60 percent of its exports to China consist of nickel, coal, and liquefied petroleum gas, while it imports a range of goods from electronics to heavy machinery.5
Asia: The epicenter of global trade shifts
3. Technology corridors
The flow of technology and technology talent within Asia, and from Asia to the rest of the world, presents a significant opportunity as countries race to harness technological advances. Over the past decade, Asia has accounted for 52 percent of global growth in technology company revenues, 51 percent of R&D spending, and 87 percent of patents filed globally. The region is already the largest trader and manufacturer of chips in most electronic devices, with 33 of the world’s 40 largest chip corridors involving Asia alone. South Korea supplies 40 percent of the world’s memory chips.6
While the region has a smaller footprint in certain nonmanufacturing value chains, such as semiconductor design and operating systems, it is uniquely positioned to lead in industries undergoing disruptive change, such as advanced displays and generative AI (gen AI). Asia has consistently leveraged its manufacturing prowess as a key entry point into these emerging technologies. The region has seen rapid adoption of gen AI, with 65 percent of businesses regularly employing it in at least one function—making Asia–Pacific the fastest-growing region globally for gen AI usage. These shifts underscore Asia’s growing technological leadership and its potential to shape future global technology corridors.
4. Services on the charge
Since 2008, global trade growth has been powered by the increase in services trade. Flows of knowledge-intensive services—including professional services, government services, IT services, and telecommunications—are growing rapidly. Data flows are growing at nearly 50 percent annually. Global exports of services have jumped by 60 percent over the past decade, reaching $7.9 trillion in 2023. This is equivalent to 7.5 percent of global GDP.7
The services export sectors in the Philippines and Thailand are growing apace, yet India is the biggest exporter of services in Asia. Almost 5 percent of India’s GDP comprises the export of services. In particular, global capability centers (GCCs)—technology and research centers for multinational firms—are growing quickly, currently numbering some 1,600. This is expected to rise to 2,500 by 2030, generating $100 billion in revenue. Indeed, 20 percent of Fortune 500 companies already have a GCC presence in India, and this is anticipated to grow to 43 percent by 2030.8
5. Green corridors
The global energy transition creates huge opportunities for Asian companies—both in the region and around the world. By 2040, Asia will comprise nearly 50 percent of global energy demand, with a significant share of energy investment directed toward decarbonization technologies. This transformed energy landscape will open up substantial opportunities for Asia’s leading businesses, particularly along green corridors in renewable energy and sustainability.
The region is also seeing strong momentum in industries at the intersection of the mobility and energy transformation, especially in the electric vehicle (EV) sector. The China–ASEAN corridor is intensifying, with companies such as BYD manufacturing EVs in Thailand, and Geely reviving Malaysia’s Proton brand.9 Electric two-wheelers and light commercial vehicles are expected to reach price parity with their petrol counterparts by 2025 in many Asian countries, driven by government incentives, advancements in battery technology, and a growing variety of vehicle models.
Southeast Asia is pushing toward greater environmental sustainability, reinforced by initiatives such as the ASEAN Comprehensive Recovery Framework and technology transfers from Japan.10 With over 15 countries and 670 companies across the Asia–Pacific setting or committing to emissions reduction targets, new investment opportunities are opening up along Asia’s green corridors.
The way forward
Asia’s business leaders are eager—and ready—to harness the opportunities: more than 80 percent of respondents to an Asian Business Council survey expressed optimism about a new era for Asia. But this optimism is tempered by the imperative to change. Asia’s leaders appear to believe that the period ahead will be qualitatively different from the past 30 years and are preparing to recalibrate their strategies accordingly.
Taking advantage of these opportunities requires clearing some hurdles. Consider the challenge of demographic shifts: currently, two-thirds of the world’s population lives in countries where fertility rates are below the replacement rate of 2.1 children per family.11 This poses unprecedented challenges for economies and governments. Japan is already grappling with this reality, facing a shrinking labor force and soaring healthcare costs. China and South Korea are on a similar trajectory. Aging populations are a call to action for countries to rethink how they manage productivity in the face of a declining working-age population.
Infrastructure gaps could further hinder new corridors of opportunity. The governments of Indonesia, Malaysia, Thailand, and Vietnam, for instance, have announced or implemented improvements or expansions to transport infrastructure, such as roads, seaports and airports, railroads, and bridges—all vital for logistics. Yet analysis suggests a gap of around $60 billion in Southeast Asia alone remains between existing or announced infrastructure investment and the potential requirements for future trade flows.
There is no dearth of opportunity for Asian leaders who can overcome the barriers and harness the reshaping of global business corridors. Those who do will not just lead their fields; they will also shape the very industries that will define this era. Asia is not just keeping pace with the rest of the world—it is leading the way into the future.
