Singapore may not remain SEA's only business hot spot

TRADITIONALLY, Singapore has been often referred to as a "Red Dot" that is geopolitically well-placed, making it the central trading hub and a crucial connector between Asean and the global market. With its robust infrastructure, great business-friendly atmosphere and geography, Singapore has been inviting multinational corporations (MNCs) from all over the world. Meanwhile, Southeast Asia's economic landscape is changing quickly, where countries such as Malaysia, Indonesia and Thailand are fast rising to be formidable rivals. Each of them is racing to be the new special economic zones in the region. Each of them has its special strengths to attract foreign investments and nurture homegrown companies.

For instance, Malaysia will focus on its digital economy and manufacturing sector. In a bid to attract MNCs, the Malaysian government has introduced incentives in the form of tax breaks and grants. This may be supplemented by initiatives like the Digital Free Trade Zone, which apparently encourages e-commerce and digital logistics.