Market Research Report
Analysis of Key Sectors of BIMSTEC Countries: Agriculture, Banking & Finance, Dairy, Meat, E-Commerce, FMCG, Healthcare, ICT, Manufacturing, Mining, Trade & Logistics, Tourism and Water & Sanitation (2017 - 2022)
|Published by||Mordor Intelligence LLP||Product code||392407|
|Published||Content info||131 Pages
Delivery time: 1-2 business days
|Analysis of Key Sectors of BIMSTEC Countries: Agriculture, Banking & Finance, Dairy, Meat, E-Commerce, FMCG, Healthcare, ICT, Manufacturing, Mining, Trade & Logistics, Tourism and Water & Sanitation (2017 - 2022)|
|Published: February 12, 2017||Content info: 131 Pages||
Analysis of Key Sectors of BIMSTEC Countries with production, consumption, imports and exports, BIMSTEC Countries major sectors, investment in BIMSTEC countries, BIMSTEC Countries investment outlook
BIMSTEC was originated in 1977 by Bangladesh, India, Sri Lanka and Thailand. Later Myanmar (Burma), Nepal, and Bhutan are also added to the organization. BIMSTEC have identified Six (6) priority sectors viz. Trade and Investments, Transport and Communication, Energy, Tourism, Technology and Fisheries. Later in 8th Ministerial meeting, number of priority sectors increased from 6 to 13 and added Agriculture, Public Health, Poverty Alleviation, Counter-Terrorism & Transnational Crime, Environment & Natural Disaster Management and People-to-People Contact. In 2008, Climate Change is also added as a priority sector.
If BIMSTEC was a country, they will be world's largest economy as well as most populous country in the world. BIMSTEC has surpassed the world in GDP growth, with an average growth of 5.2% year-on-year which is more than ASEAN countries average GDP growth. GDP in BIMSTEC varies from US$ 2 billion of Bhutan to US$ 1.8 trillion of India, which is a neighbor of Bhutan and supporting the country since its inception.
In 2015, India is the most growing economy in the world. Bangladesh, Sri Lanka and Myanmar are also growing above 6% YoY. Nepal who got recently affected from a massive earthquake, might not be able to grow at expected GDP growth rate of 5.48% in 2015. Most of the reserves and expenditure of the country is going towards re-flourishing the country with basic needs.
Bangladesh is a moderate, secular, and democratic country with a population of 160 million, achieved the 7th most populous country trademark (bigger than Russia). Bangladesh is a big potential market for U.S. exports, with a flourishing garment market providing steady export-led economic growth. Bangladesh is a young nation with lots of potential. Low cost labour and easy labour availability is helping all the sectors in the country to grow. They are steadily increasing its exports of clothing and textiles, spices and rice.
Key factors in the growth of Bangladesh are great agriculture production, huge water sources, high cotton production, young workforce and cheap labour. Developments in the transports and logistics sector have impacted the Bangladesh's economic condition.
Bhutan is a kingdom nestling in the Himalayas between two powerful nations, India and China. Bhutan has fiercely guarded his tradition but became less isolated in recent years. India has supported Bhutan from many decades, and consider it as brother of India. Bhutan GDP is lowest among Asian countries and have a high Debt to GDP ratio of 101%. Buddhism is the biggest religion in Bhutan with 75% followers in the country followed by Hinduism.
India among SAARC countries is the fastest growing country, with most promising opportunities and growth. India is expected to grow with a GDP growth rate of 7.5%, which is also highest in the world. India has emerged as one of the most attractive destination for investment and for doing business in the recent years. As the fastest growing economy in the world, which has not only sustained the global downturn of 2008-09, India is slated to grow at consistently higher rates during next few decades.
India has a large sized middle class which is growing, offering a large domestic market for foreign products and services. If India continues its recent growth trend, average household income will nearly triple over the next two (2) decades and it is expected to become the world's 5th largest consumer economy by 2025, according to a McKinsey report in 2010. The consistent economic growth in India has been an important factor that has contributed towards the decline in poverty.
Myanmar is a Buddhist country trying really hard to preserve its ethnicity and religion. Recently, Myanmar lower house passed Four (4) religious bills but came into controversy for deviating from Right of Religion, UN Convention on the Elimination of all Forms of Discrimination against Women and the UN Convention on the Rights of the Child. In short, these bills do not accord with international human rights, law and standards. Myanmar GDP is US$ 53 billion in 2014, with an expected GDP growth of 6.5% in 2015, which is 4th highest among the BIMSTEC countries.
Nepal a land of Mountains has eight of the world's ten tallest mountains, including the highest peak on earth (Mount Everest). High tourism have given boost to the economy of the country with a population of 27.8 million in 2015. Recent earthquake have resulted in massive damage to the economy of Nepal, which needs another 3-4 years to stand on its feet again.
Sri Lanka was facing civil war issues from 1983, which ended in 2009, after Sri Lankan Army defeated LTTE (Local organization demanding a separate country for themselves in Sri Lanka). For almost two decades, the war caused diminution of population, resources and economy. The country is currently experiencing a GDP growth rate of 6.4% in 2015, which is among highest in SAARC countries.
Thailand is growing at a moderate rate and one of the most promising country in Asia-Pacific region, with exploding tourism and vast manufacturing sector. Thailand's high growth rate in recent years was driven by Machines and Plastic & Rubber export, which accounts to 43.77% of total exports in value terms. Thailand GDP is growing at a slow rate of 2.3% in 2015. Deflation is a major factor for increased tourism as well as slowdown in economy. Imports of Gold and Crude Oil have increased the country reaching 10.1% of total imports in value terms and Metals products have a share of 14.55% of total imports.
Thailand's major business partner are China and Japan in 2014, which accounts to 40.36% in Import and 24.54% in Exports. Asia is the biggest trade markets for Thailand. Computer Manufacturing and Rubber provides the backbone to the economy and became the major source of revenue of the country. Although, Tourism provides the main livelihood to most of the population in the country. Bangkok has more tourism than any other country in Asia-Pacific, most people aged between 20-35 years. Fun and leisure is also the most growing sector of the country.
Key factors in the growth of BIMSTEC nations are high population, young workforce and cheap labour, high purchasing power parity, high economic growth, availability of resources, moderate growth in transportation sector, un-matured and untapped markets in most of the countries. Strong banking system and strong fundamentals helped BIMSTEC countries to grow in 2008-09 recession. Slump in oil prices increased the growth of all the countries because all of them are emerging economies and have low or negligible oil production.
BIMSTEC Countries market is badly affected by low agriculture production (overall) in all countries except India, old technology, traditional methods of production in agriculture, dairy, meat, fisheries and mining sectors, undeveloped infrastructure, low disposable income (except India), low investments in most countries.
What the report offers
Market Definition for the specified topic along with identification of key drivers and restraints for the market.
Market analysis for the BIMSTEC Countries market, with region specific assessments and competition analysis on a global and regional scale.
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
Identification and analysis of the Macro and Micro factors that affect the BIMSTEC Countries market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.