ASEAN projected to become world’s 4th largest economy by 2030: AEC Report

The Association of Southeast Asian Nations (ASEAN) is on track to become the world’s fourth-largest economy by 2030, according to a recent report by the ASEAN Economic Community (AEC). This remarkable growth trajectory is expected to have significant implications for the textile industry within the region.

The AEC report highlights several key factors driving this economic surge, including robust industrialization, strategic economic reforms, and increased intra-regional trade. For the textile sector, this growth presents numerous opportunities for expansion and innovation.

As ASEAN economies continue to grow, the demand for textiles and apparel is expected to rise, driven by both increasing domestic consumption and exports. Countries like Vietnam, Indonesia, and Thailand are already significant players in the global textile market, and their roles are anticipated to expand further.

Investment in modern manufacturing technologies and sustainable practices is becoming a priority for ASEAN textile producers, aiming to meet the global demand for high-quality, eco-friendly products.



Additionally, regional trade agreements and partnerships are enhancing market access, reducing barriers, and fostering a more competitive textile industry.

The anticipated economic growth in ASEAN will likely lead to greater job creation and income levels, further boosting the textile sector.

Stakeholders are encouraged to capitalize on these emerging opportunities by investing in innovation and sustainability to stay competitive in the global market.