Analysis of talent distribution in core industries in the Asia-Pacific region

November 20, 2024

38min read

The Asia-Pacific region occupies an important strategic position in the global economy, and its countries show different advantages in core industries. As an important contributor to global manufacturing, information technology (IT), financial services and other fields, the rapid development of the Asia-Pacific region has triggered a high demand for highly skilled talents in the global market. The rapid expansion of these industries has brought about the demand for a large number of technical talents, management talents and interdisciplinary experts. For example, in the financial field, the demand for senior data analysts and financial technology experts is rising rapidly; in the IT industry, competition for cloud computing, artificial intelligence, and cybersecurity talents is fierce; while in the manufacturing industry, there is a demand for automation engineers, supply chain management experts, and other professionals. There is a significant need for talent. With the transformation of the global economy, Asia-Pacific countries are paying more and more attention to the talent pool in core industries, viewing it as a key resource to maintain competitiveness. Countries have launched talent training and introduction plans one after another to adapt to the new needs of the global market and technological innovation trends.

This article will focus on the distribution of talents in core industries in the Asia-Pacific region, focusing on analyzing the talent advantages of Singapore, India, Indonesia, Malaysia and Thailand in core fields such as finance, IT and manufacturing. By analyzing the characteristics of these countries in terms of talent supply, industrial support policies and technological innovation, this article aims to help companies deeply understand the unique advantages of Asia-Pacific countries to support their strategic development and talent layout decisions in the region. This analysis not only provides a reference frame for enterprises, but also provides guidance on human resources for multinational companies when formulating global expansion strategies. At the same time, this article will cover the latest talent policies and incentives in various countries, reveal the trends and opportunities in the future talent market, and strive to provide systematic guidance for investors’ long-term development in the Asia-Pacific region.

Overview of core industries in the Asia-Pacific region

The core industries in the Asia-Pacific region occupy an important position globally, with large scale and significant influence. Finance, IT and manufacturing are pillar industries of the Asia-Pacific economy and play a key role in promoting GDP growth and job creation in the region. In recent years, these industries have further accelerated their development, driven by digitization and automation, creating a huge demand for highly skilled talents. For example, the financial industry continues to see demand for senior talents in data analysis, financial technology, risk control and other fields. Especially in the context of the rapid development of financial technology, data analysts, risk management experts and financial technology engineers have become indispensable. position. In addition, the demand for technical talents in the IT industry is particularly strong, especially in areas such as network security, cloud computing, artificial intelligence (AI) and big data. Enterprises not only need engineers who are proficient in core technologies, but also project management talents with innovative thinking. In the manufacturing industry, due to the application of smart manufacturing, industrial Internet of Things and automation technology, the demand for positions such as automation engineers, equipment maintenance experts and supply chain optimization talents has surged.

In terms of policy support, governments of various countries have introduced a number of measures to attract highly skilled talents to promote the rapid transformation and upgrading of industries. For example, Singapore has established a “skilled immigration project” and a “global talent plan” to introduce high-level technical and management talents through a more flexible work visa system. At the same time, the government provides business funding programs, such as the Productivity Solutions Grant (PSG), to help companies improve their innovation capabilities and enhance talent attraction. India is cultivating talents through the “Skill India Plan” and has established a number of IT parks and innovation centers to strengthen the training and introduction of IT talents and ensure that its IT industry continues to remain competitive globally. In addition, Thailand is committed to promoting the development of high-tech and digital industries under its “Thailand 4.0” strategic framework, and provides tax incentives, work visa preferences and technical training through the Eastern Economic Corridor (EEC) project and special economic zone policies to Attract more global talents.

The implementation of these policies has effectively promoted the skills improvement and talent flow in core industries in Asia-Pacific countries, and provided enterprises with a more complete innovation and support system. The combination of talent introduction policies and industry needs has further promoted the expansion of industrial scale and the improvement of technology, making the Asia-Pacific region occupy an increasingly important position in the global industrial chain.

Singapore: a hub for high-end finance and IT talents

Singapore has demonstrated high-level talent advantages in finance, IT and manufacturing in the development of core industries in the Asia-Pacific region, and has steadily established its position as a global hub for high-end talent gathering. The following is an in-depth analysis of Singapore’s talent advantages in the three core areas of finance, IT and manufacturing:

In the financial field, Singapore has a large number of senior financial services and financial technology talents. According to the latest data from the Monetary Authority of Singapore (MAS), fintech accounts for 18% of Singapore’s overall financial services industry and is growing at an average annual rate of 10%. Singapore’s financial technology sector has attracted strong participation from multinational companies and start-ups, especially in areas such as electronic payments, blockchain and wealth management. Taking regulatory technology (RegTech) as an example, MAS provides a test platform for corporate innovation through the financial sandbox framework, giving Singapore international advantages in compliance risk management and financial regulatory talents. This mechanism is highly attractive among financial technology companies around the world, prompting Singapore to become a pilot place for financial technology.

The quality and source of talents are also in line with international standards. According to the latest research from the International Finance Corporation (IFC), the core skills of Singapore’s financial talents are mainly concentrated in risk control, portfolio management and compliance, and most talents have rich cross-border business experience. MAS has also launched the “Financial Field Specialization Plan” to meet talent needs in high-value-added fields such as financial technology and wealth management, including providing skills certification for financial analysts, wealth consultants and other positions. These talent policies have not only attracted local elites, but also attracted a large number of professional talents from the world’s top financial institutions, further consolidating Singapore’s position as the Asia-Pacific financial center.

In the IT industry, Singapore has been committed to building a world-class digital economic environment. According to the latest statistics from the Singapore Infocomm Media Development Authority (IMDA), the growth rate of Singapore’s IT industry ranks among the highest among Southeast Asian countries, and the demand for IT-related jobs continues to rise. Especially in fields such as data science, cloud computing, and network security, due to the acceleration of digital transformation, the demand for these positions has reached unprecedented heights. The “Smart Nation” plan launched by the government aims to further improve Singapore’s technical talent competitiveness by supporting core areas such as data analysis, artificial intelligence (AI) and the Internet of Things (IoT). For example, IMDA’s “TechSkills Accelerator” program meets the market demand for AI engineers, data scientists and cybersecurity experts by providing special training subsidies and industry certifications for talents in the digital technology field.

Data shows that the demand for data science and AI jobs in Singapore has increased by 30% in the past three years and continues to rise at an annual rate of 8%. World-renowned technology companies such as Google, Facebook and IBM have set up regional headquarters or R&D centers in Singapore, promoting the development of Singapore’s IT talent ecosystem. At the same time, the Singapore government cooperates with universities to provide scholarships and innovation and entrepreneurship support for international students, attracting a large number of young technical talents. With the further implementation of the “Singapore Digital Economy Blueprint”, Singapore’s IT industry will become more diversified, further supporting its position as a digital economic hub in the Asia-Pacific region.

In terms of manufacturing, Singapore has accumulated rich human resources in precision manufacturing, semiconductors, pharmaceutical manufacturing and other fields. According to data from the Singapore Economic Development Board (EDB), manufacturing output accounts for more than 20% of GDP and is one of the country’s important pillar industries. Especially in the fields of precision manufacturing and semiconductors, Singapore has a group of engineers with advanced technologies who can provide efficient support in product research and development, process optimization and automated process management. Scientific research institutions represented by the Singapore Agency for Science, Technology and Research (ASTAR) have also actively carried out research and development on intelligent manufacturing and Industry 4.0 technologies, promoting the technological upgrading of manufacturing talents and industrial collaboration.

In terms of supply chain management, due to Singapore’s geographical location and port logistics advantages, the demand for supply chain management and logistics talents is also increasing. Data shows that Singapore trains more than 5,000 supply chain management professionals every year, and most of them have global vision and professional knowledge of lean management. To support the cultivation of manufacturing talents, EDB has launched the “SkillsFuture” program to provide special training and technology upgrade funds for manufacturing-related positions. Especially in professional fields such as automated manufacturing and robot operation, Singapore has further improved the technical level of local talents through school-enterprise cooperation and skills training.

In addition, Singapore has also increased investment in manufacturing talent in terms of green manufacturing and sustainable supply chains. EDB works with multinational companies to provide employees with training in energy-saving and green manufacturing technologies to meet the needs of the future low-carbon economy. This forward-looking talent training model gives Singapore a unique advantage in the manufacturing competition in ASEAN and the Asia-Pacific region.

India: Global IT Center and Manufacturing Talent Expansion

As a global leader in IT services, India not only has a huge talent pool in software development and IT service outsourcing, but also has a constant emergence of competitive talents in financial analysis and manufacturing engineering technology. The following is an in-depth analysis of India’s core talent distribution and advantages in IT, finance and manufacturing fields:

India’s IT industry is booming, especially in the fields of software development, IT service outsourcing, artificial intelligence (AI) and machine learning (ML). India has one of the largest technical talent pools in the world. According to data from the Indian Information Technology and Services Association (NASSCOM), the number of employees in India’s IT industry has exceeded 4.5 million and continues to expand at an annual growth rate of nearly 10%. Cities such as Bangalore, Pune and Hyderabad form the IT industry center in India, with a large number of programming and data analysis experts, especially in cutting-edge technology fields such as artificial intelligence, blockchain, and cloud computing.

Indian universities and training institutions attach great importance to the training of IT talents. Institutions of higher learning such as the Indian Institute of Technology (IIT) and the Indian Institute of Information Technology (IIIT) provide a large number of outstanding technical talents to the IT industry every year. These colleges and universities have advanced curriculum systems and help students master the latest industry skills through internships, corporate cooperation projects, etc. Various technology incubators and skills training institutions are also increasing in cities where the IT industry is concentrated, such as Bangalore and Pune, providing advanced training and transformation training for technical personnel. For example, the “FutureSkills” program launched by NASSCOM aims to cultivate talents in key fields such as AI and data science through online and offline learning platforms. This integrated IT talent training system has given India the ability to continuously deliver high-quality IT practitioners and made it a major provider of global IT services.

Although India’s financial industry started late, its rapid development in recent years has cultivated a large number of financial professionals, especially in financial analysis, investment banking, financial technology (FinTech) and other aspects. India has important financial centers such as Mumbai, which has a large concentration of investment analysts, quantitative researchers and financial consultants. With the rise of digital finance, financial technology is developing rapidly in India, especially in areas such as digital payments, loan services and online insurance. According to data from the National Payments Corporation of India (NPCI), India’s UPI (Unified Payment Interface) transaction volume has grown exponentially in just a few years, spawning a large number of professionals in the fields of digital payments, risk control management and other fields.

India’s economic openness policy and government support provide good development conditions for the financial industry. In order to promote the development of talents in the financial industry, the Indian government has adopted policy support, including the “India Fintech Industry Vision 2025” plan, to encourage domestic and foreign fintech companies to set up R&D centers and branches in India. At the same time, major universities and online education platforms have launched courses specifically focused on financial technology and financial analysis, providing multi-channel training paths for comprehensive talents in the financial industry. The combination of policy and market demand provides broad space for the growth of financial talents and international cooperation, enabling India to integrate with global financial centers and attract investment from international capital and financial services companies.

India’s manufacturing industry has risen rapidly in the past few years, especially in areas such as automobile manufacturing and electronics manufacturing, where it has accumulated abundant engineering and technical talents. According to data from the Indian Manufacturing Institute (CII), the number of employees in India’s manufacturing industry has exceeded 50 million, and the number of engineers and technical workers is huge and widely distributed. Engineering talents are mainly concentrated in areas with developed manufacturing industries such as Pune in Maharashtra and Ahmedabad in Gujarat, covering multiple core fields such as electronic manufacturing, precision machinery, and the automotive industry. India’s manufacturing industry is transforming towards automation and intelligence, especially in industrial robots and production automation. These technological innovations are continuously promoting the development of India’s manufacturing industry and creating strong demand for engineering talents with advanced manufacturing technology and automation control skills.

The “Make in India” plan is one of India’s core policies to promote the development of manufacturing. The plan aims to attract foreign investment and encourage domestic companies to develop high-end manufacturing, covering key areas such as automobiles, aerospace, and electronic products. To support the cultivation of manufacturing talent, the government provides tax incentives, training incentives, and support for technology transfer. The implementation of this policy has led manufacturing-related training institutions and universities to set up more specialized engineering courses, especially in automation technology, industrial robots and production management, to cultivate a group of professional talents. At the same time, the Indian government is working with domestic and foreign companies to provide young engineers and technical experts with real-life work experience through the establishment of industry technical academies and internship programs. These measures not only increase the number of local technical talents, but also improve their professional skills.

India: Global IT Center and Manufacturing Talent Expansion

Indonesia: The rise of emerging manufacturing and digital economy talents

As one of the fastest-growing economies in Southeast Asia, Indonesia’s manufacturing and digital economy are rapidly rising, and its talent pool and training are also constantly improving. The following is a detailed analysis of Indonesia’s core talent distribution and advantages in manufacturing, digital economy, and finance:

Indonesia’s manufacturing industry has continued to grow in recent years, especially in traditional and emerging manufacturing fields such as textiles and electronics manufacturing. As one of the production bases in Southeast Asia, Indonesia has attracted a large amount of foreign investment, especially in the electronic manufacturing and textile industries, forming a regional competitive advantage. According to data from the Indonesian Ministry of Industry, manufacturing accounts for approximately 20% of Indonesia’s GDP, with textile and electronics manufacturing being its pillar industries.

Indonesia’s manufacturing talents are mainly located in the industrial centers of Java Island, such as Jakarta, Surabaya and Bandung. These areas provide rich industrial resources and technical talents. Most of Indonesia’s engineering and technical personnel have technical capabilities such as manufacturing process management and production automation, especially in the fields of textile processing and electronic assembly. However, Indonesia’s manufacturing industry still has a gap in the high-end talent pool in the field of engineering technology. In recent years, the Indonesian government has promoted skills improvement, technology transfer and manufacturing process management training through the implementation of the “Manufacturing Renaissance” plan, especially in the fields of electronic assembly and high-precision manufacturing, and has strengthened the training of engineering and technical talents. The support of this policy has gradually formed a complete manufacturing talent echelon in Indonesia, providing stable technical human resources for foreign-funded enterprises.

Indonesia’s digital economy occupies an important position in Southeast Asia, especially in areas such as e-commerce, mobile payments and data analysis, which has huge potential. Thanks to the popularity of the Internet and mobile devices, Indonesia’s Internet users have reached 170 million, promoting the vigorous development of e-commerce, data analysis, application development and other fields. According to statistics from the Indonesian E-commerce Association (idEA), the size of Indonesia’s e-commerce market has exceeded US$20 billion in 2022 and is expected to continue to grow in the next few years. This market demand has spawned a large number of IT talents, especially in cities such as Jakarta, Surabaya, and Bali, where a large number of technology developers, data analysts, and network security experts have gathered.

In response to the demand for talents in the digital economy, the Indonesian government has launched the “Industry 4.0” strategy and is committed to promoting digital transformation through technological innovation, automation upgrades and other means. In this plan, the government provides strong support in education and skills training, launching digital technology scholarships, vocational training subsidies and other measures to help young people improve their skills in programming, data science and digital marketing. This initiative not only provides local companies with sufficient IT talents, but also attracts international technology companies such as Google and Alibaba to launch training programs in Indonesia, further improving the professional level of local digital economy practitioners.

The expansion of Indonesia’s financial market is driving demand for financial professionals, especially in the banking, fintech and retail finance sectors. As the fourth largest financial market in Southeast Asia, Indonesia has shown significant growth potential in the field of financial technology in recent years. Especially in digital payments, P2P lending and mobile banking services, Indonesia has become a dynamic market. Data from the Indonesian Financial Supervisory Authority (OJK) show that the number of fintech users in Indonesia will increase by 40% in 2022, further promoting the demand for professional talents in the banking industry and fintech fields.

Although Indonesia’s financial industry is developing rapidly, the financial talent pool is still in its infancy, especially in high-skilled fields such as financial analysis and risk control management. In order to support the growth of financial talents, the Indonesian government has adopted a number of policy incentives. For example, OJK launched a framework for the development of financial technology to provide a more relaxed policy environment for financial technology companies. At the same time, the government has also cooperated with various international financial education institutions to launch a series of training courses on financial analysis and risk control management. Major universities in Indonesia have gradually added financial technology and data analysis majors, and are cooperating with banks and technology companies to improve students’ practical capabilities in financial technology applications. However, due to the late development of the financial industry, Indonesia still needs time to accumulate high-end financial talents compared to other countries.

As an emerging manufacturing and digital economy market, Indonesia has continuously enriched its talent pool of various types in the manufacturing, IT and financial fields. In terms of manufacturing, Indonesia has formed a relatively complete talent system in the fields of textile and electronic manufacturing, and the government’s policy support and technical training continue to optimize this foundation; in the field of digital economy, relying on the “Industry 4.0” plan, Indonesia has trained a number of data Analysis, application development and e-commerce professionals; in the financial field, although the high-end talent pool is relatively limited, Indonesia’s financial talent market is gradually emerging through government support and university training. For enterprises, Indonesia’s policy support and multi-level talent resources provide a strong guarantee for their local development.

Malaysia: Diversified development of manufacturing and IT talents

In Southeast Asia, Malaysia is known for its diversified manufacturing industry and growing IT industry, while also accumulating significant advantages in financial services. The following is an in-depth analysis of Malaysia’s talent pool and government support in manufacturing, IT, and financial services:

The diversified development of Malaysia’s manufacturing industry has brought a large number of technical talents, especially in electronic manufacturing, automobile parts production and chemical industry. Malaysia’s electronics manufacturing talents occupy an important position in the global supply chain, covering all aspects from design, production to quality control. Especially in industrial clusters such as Penang and Selangor, many skilled engineers and technicians have gathered. According to 2023 data, Malaysia’s electronics industry contributes 40% of the country’s exports, reflecting the huge demand for professional manufacturing talents.

In addition, Malaysia’s talent pool in the auto parts manufacturing and chemical industries is also developing rapidly. The industrial parks surrounding Kuala Lumpur are home to a large concentration of manufacturing workers and engineers, focusing on the manufacture of auto parts, chemicals and electronics. The “Industry 4.0 Policy” launched by the government supports the promotion of modern manufacturing development through skills improvement and industrial transformation. The policy aims to cultivate manufacturing talents with capabilities in automated operations, industrial Internet of Things (IoT), and smart production line maintenance. For example, the Malaysian government provides subsidies and scholarships through the Human Resource Development Fund (HRDF) to help corporate employees improve their skills and ensure that manufacturing skill levels meet international standards.

Malaysia’s IT talent market is showing a rapid expansion trend, involving fields such as software development, network security and data science. Especially driven by the National Digital Economy Blueprint, the cultivation and attraction of IT professionals has made significant progress. Results. The plan aims to build Malaysia into a regional digital economic hub and attract top IT talents through financial support and skills improvement policies.

Professional talents in the fields of software development and network security are concentrated in digital economic clusters such as Kuala Lumpur and Cyberjaya. Cyberjaya is strongly supported by the government as the “Malaysian Silicon Valley” and has attracted a large number of local and international technology companies to settle in, forming a strong innovation ecosystem. The Malaysian government provides targeted technical training for IT practitioners through the Digital Skills Training Directory program, including technologies such as artificial intelligence, blockchain and data analysis. In addition, in order to support the rapid cultivation of talents, the government also encourages companies to invest in IT skills development through tax incentives, vocational training subsidies and other measures.

In the field of data science, Malaysia has also gradually increased its talent pool. Universities collaborate with data-driven enterprises to launch customized courses to cultivate data analysis and data management talents that meet the needs of enterprises. The Malaysian Digital Economy Corporation (MDEC) also provides a series of skills certification programs to support the retraining of on-the-job IT practitioners so that they can master cutting-edge technologies such as data science and the Internet of Things.

The pool of highly qualified talent in Malaysia’s financial services sector is also growing, especially in financial management, risk control and financial technology. Malaysia is at the forefront of fintech innovation in Southeast Asia. The rapid rise of fintech companies in banking, payment systems and electronic money has driven the growth in demand for fintech professionals. According to statistics, the average annual growth rate of the number of financial technology companies in Malaysia has reached 20%, among which the demand for payment platforms and digital banks is particularly strong.

Malaysian financial institutions actively participate in cross-border cooperation to cultivate and upgrade talents through skills exchange and technology introduction in the field of financial technology. For example, Bank Negara Malaysia has cooperated with international organizations such as the Monetary Authority of Singapore (MAS) to launch a series of financial technology talent training programs to help local practitioners master international financial technology skills.

In addition, the Malaysian government has launched the Fintech Forward Initiative to provide policy support and financial incentives for start-ups and fintech companies, further stimulating the development of the fintech talent market. The program not only provides training resources including risk management, financial engineering, data analysis and other professional skills, but also encourages financial technology innovation through innovation laboratories and regulatory sandbox policies, providing a relaxed environment for talent training and technology application.

Thailand: Talent cluster in medical, tourism and manufacturing industries

Thailand has stable and highly skilled technical talent in manufacturing, especially automobile manufacturing and electronic parts manufacturing. Thailand’s Eastern Economic Corridor (EEC) is one of the core areas of the manufacturing industry, where many technology-intensive enterprises are concentrated. EEC’s special geographical location, close to important seaports and airports and offering comprehensive logistics infrastructure, makes it an ideal location to attract automotive and electronics manufacturing companies. Many international automobile manufacturing companies, including Toyota, Honda and Nissan, have set up production bases here, which has led to strong demand for high-tech talents. In addition, companies such as Samsung and Panasonic in the field of electronic parts manufacturing have also moved in, injecting innovative technology needs into Thailand’s manufacturing industry.

The advantages of Thailand’s manufacturing industry in terms of talents are mainly reflected in the stability of the labor force and the abundance of technical training resources. The government has launched a number of skills training programs, such as the “Technical Skills Enhancement Program” and the “Industry 4.0” training program, which provide employees with training support in automated production, industrial Internet of Things (IoT) and other advanced manufacturing technologies. In addition, the government has cooperated with a number of local colleges and vocational and technical schools to offer specific skills training courses to help the Thai workforce quickly adapt to the new requirements of global manufacturing. Thanks to these supportive policies, Thailand’s manufacturing workforce not only possesses solid basic skills, but also excels in adapting to new technologies.

Thailand also has unique advantages in specialized talents in the field of medical and health tourism. In recent years, Thailand has become a world-renowned medical tourism destination, attracting a large number of international patients especially in the fields of medical beauty, health care, plastic surgery and other fields. Medical facilities in places such as Bangkok, Phuket and Chiang Mai are equipped with modern equipment and provide high-quality medical services, further attracting global demand for health tourism. Professionals in Thailand’s medical industry, including plastic surgeons, health care experts, physical therapists, etc., not only have professional qualifications, but also have received international medical training to provide patients with high-level services.

The Thai government is also vigorously supporting talent cultivation in the medical and health tourism industries. The government has implemented a number of medical professional talent training plans, such as supporting medical practitioners to participate in international training and providing subsidies for medical technology certification. In order to further enhance the international competitiveness of the medical industry, the government has cooperated with many medical schools and health management institutions around the world to carry out medical technology exchange projects to enable local talents to acquire cutting-edge international medical technologies. In addition, the government provides visa convenience for foreign medical practitioners and medical tourism patients, further promoting Thailand’s status as a global health tourism center.

With the rapid development of the digital economy on a global scale, Thailand is also actively recruiting high-end talents in the fields of IT and digital services. Especially in the fields of data services, software development and financial technology, the number of technical talents in Thailand is increasing year by year. As Thailand’s economic and technological center, Bangkok has attracted many international enterprises and start-ups, which has created a wide range of employment opportunities and development space for Thailand’s IT talents. In the field of software development, Thailand’s technical talents not only master the basic knowledge of programming, but also have the ability to cope with technical needs such as cloud computing, network security, and big data.

In order to support the development of digital services, the Thai government launched the “Thailand 4.0” plan, focusing on technological innovation and digital transformation. Through the “Thailand 4.0” plan, the government has implemented a number of incentive policies in the IT industry, including providing tax incentives, R&D support and technology introduction subsidies to technology companies. In addition, the Thai government has also cooperated with many international technology giants, such as Microsoft and Google, to establish technical training centers and data research laboratories through cooperation to help local talents quickly improve their skills. The government also supports universities to set up relevant courses, such as data science and cybersecurity courses, to ensure that the talent pool in the IT field can meet future industry needs.

The Thai government’s policy support for the IT and digital service industries has also promoted the development of the local technology community. Technology incubators and accelerator programs in places such as Bangkok and Chiang Mai provide startups and technical talents with vast resources and technical guidance, allowing Thailand’s digital innovation ecosystem to continue to improve. In addition, the government also plans to further expand 5G infrastructure in the next few years to provide network support for the rapid development of IT and digital services. This series of measures not only attracts more technical talents to join the IT industry, but also makes Thailand’s digital economy more internationally competitive.

Through the development of multi-faceted talents in the manufacturing, medical and health and IT fields, Thailand has successfully built a talent cluster covering multiple fields and promoted the prosperity and development of various industries. The steady development of the manufacturing industry has provided guarantee for basic industries. International talents in the medical and health field have helped Thailand become the world’s leading medical tourism destination. The rapid rise in the field of IT and digital services has injected vitality into Thailand’s future economy. More potential for innovation.

Regional comparison and talent layout suggestions

1. Comparison of industrial talent integrity

In the Asia-Pacific region, different countries have unique talent advantages and development shortcomings in finance, IT, manufacturing and other fields. Singapore is renowned for its world-class financial technology and management talent, and ranks high among global financial centers. It has extremely high skill depth in high-end financial talents, data analysis, and risk management. However, due to the limited market size and high cost of living, some companies face talent shortages. In contrast, India is the center of the global IT industry and enjoys significant advantages in software development, data science, artificial intelligence and other fields with its huge talent pool. India’s IT talent pool is not only huge, but covers multi-level skills ranging from basic programming to advanced machine learning. However, the lack of management talent and infrastructure limitations are its shortcomings.

In Southeast Asia, Malaysia’s electronic manufacturing and semiconductor industries enjoy a mature industrial chain and a relatively complete echelon of engineers. It has a strong reserve of skilled workers in the manufacturing field. At the same time, Malaysia is accelerating the cultivation of IT talents to support the transformation of the digital economy. Thailand has a concentration of technical talents in automobile manufacturing and electronic components, but it started relatively late in IT and digitalization, and some technical skills are insufficient. As one of the largest economies in Southeast Asia, Indonesia has developed rapidly in the digital economy, e-commerce, manufacturing and other fields in recent years, but the quantity and quality of its overall technical and management talents are still gradually improving.

2. Policy support and incentive mechanism

Countries have implemented different policies and incentives to attract highly skilled talent. Singapore provides tax incentives and visa facilitation through policies such as the “Overseas Talent Plan” and the “Global Entrepreneur Plan”, and has set up a special talent fund to attract highly skilled talents. At the same time, India has provided a good talent support environment for the IT industry through its economic openness policy and technical training projects, especially innovation funds and incubation support for start-up companies. However, India has relatively strict visa policies on the introduction of foreign technical talents, and talent mobility in certain fields is limited.

In Malaysia, the government provides multi-faceted support for manufacturing and IT talents through strategies such as the “Industry 4.0 Plan” and the “Malaysian Digital Economy Blueprint”, covering tax exemptions, technical training funds, and an open work visa system. Thailand is promoting the upgrading of manufacturing and digital industries under the “Thailand 4.0 Strategy”, providing “tech visas” and industry-specific training subsidies for highly skilled talents, attracting foreign technical talents and accelerating the improvement of local skills. Indonesia promotes the transformation of manufacturing and digital economy through the “Industry 4.0” plan, and supports the development of technical talents through talent training projects and tax incentives. However, there is a certain gap in the flexibility of visa policies and the level of internationalization.

3. Suggestions on company location and talent matching

For enterprises, it is crucial to choose the right region for business layout, and they should make full use of the comparative advantages of each country in core talents.

For fintech and high-end financial services companies, Singapore is an ideal choice. With its mature financial environment and high-skilled talent pool, Singapore can provide management and technical talent support to financial companies. In addition, the government’s financial technology innovation support plan and tax incentives provide strong support to companies in the financial services sector. For financial services companies pursuing cost-effectiveness, India’s emerging financial talent market is also an option, especially in back-office services and financial data processing.

For technology R&D and software development companies, India is a globally recognized hub for technical talent. India’s technical training system is extensive and rich in levels, suitable for projects such as software engineering and AI research and development. If a company focuses on digital innovation ecology, it can consider Singapore. The region’s support for innovation and technology research and development, including data analysis, cloud computing and other resources in industrial clusters, will help enhance the company’s innovation capabilities.

For manufacturing and automation technology companies, Malaysia and Thailand have higher cost performance in Asia. Malaysia’s electronics and semiconductor manufacturing is significantly competitive in the Asia-Pacific region, and has a relatively complete engineering and technical talent pool and industrial Internet of Things (IIoT) support. In addition, Thailand’s automobile manufacturing and electronic parts industries promoted under the Eastern Economic Corridor (EEC) strategy provide manufacturing companies with suitable human resources and policy incentives, suitable for large-scale technology integration and automated production.

For companies that are exploring digital economy and e-commerce business, Indonesia’s talent market and policy environment are gradually improving. Indonesia’s e-commerce and IT services market is developing rapidly, and companies can quickly expand the local market with the help of the government’s preferential tax policies and financial support. The Indonesian government’s emphasis on digital economy talents will also bring more convenience to relevant companies in acquiring talents.

To sum up, countries in the Asia-Pacific region have developed distinctive characteristics in terms of human resources, policy support and industrial advantages. When enterprises conduct cross-border business layout, they should fully consider the talent characteristics and policy differences between regions, and choose the development region that best suits their business needs, so as to maximize resources and achieve sustainable growth of cross-border business.

Future Prospects and Suggestions

In the next five to ten years, the Asia-Pacific region will experience tremendous changes and challenges in terms of talent development in core industries. First of all, the acceleration of technological innovation will increase the demand for talent skills among enterprises. Technical requirements in areas such as artificial intelligence (AI), Internet of Things (IoT), cloud computing and blockchain are becoming increasingly complex, and Asia-Pacific countries need broader skills training and technical education to cope with future needs. For example, Singapore and India are already leading in talent training in AI and data science, while Thailand and Indonesia need to increase basic IT training and the cultivation of advanced technical talents. The escalation in demand for technical skills also brings challenges, that is, many companies will face rising training costs and fierce competition for talent, especially in technology-intensive markets such as India and Singapore.

Secondly, globalization and supply chain restructuring have a significant impact on talent demand in the Asia-Pacific region. Global companies are re-evaluating their supply chains after the epidemic, especially the electronics manufacturing and automotive industries. Many companies are considering moving production bases from other regions to the Asia-Pacific region to obtain better costs and market response speed. This trend will further drive up the demand for skilled manufacturing workers and management talents in Malaysia, Thailand and Indonesia. Accordingly, the governments of these countries will need to provide policy support to ensure that companies can effectively allocate talents and resources under the restructuring of globalization. For example, Malaysia’s “Industry 4.0 Policy” and Thailand’s “Thailand 4.0” strategy will further promote the development of local high-end manufacturing and technical talents.

However, the Asia-Pacific region also faces challenges of talent mobility and skills loss. Due to the high mobility of highly skilled talent globally, technical talent from countries such as Singapore and India are often attracted to developed Western markets. At the same time, the younger generation values flexibility and development potential when choosing employment, and many positions in traditional manufacturing and financial industries have become relatively less attractive. To solve this problem, Asia-Pacific countries need to further optimize local living costs and working environments, stabilize talents by creating better career development opportunities and comfortable living conditions, and prevent brain drain, especially in places such as Singapore and Thailand where the demand for high-end talents is huge country.

In view of the future talent development trends in the Asia-Pacific region, companies should adopt a more flexible and future-oriented talent strategy when formulating long-term development strategies to enhance competitiveness and adapt to the uniqueness of the regional market. First, companies should develop multi-level talent reserve plans to respond to rapidly changing industry needs and competition in the talent market. Enterprises can cooperate with local universities to set up specialized technical training courses, provide internship opportunities for fresh graduates who meet skill needs, and establish a multi-level talent echelon from basic to high-end. This is especially true in India and Malaysia, where the rapid development of IT and manufacturing fields has created a huge demand for technical talents at all levels. For mature companies, cooperation with top universities for talent transfer is also a feasible model, such as cooperation with the National University of Singapore to cultivate AI talents, or cooperation with the Indian Institute of Technology (IIT) to attract engineering and technical talents.

Second, investing in internal talent skills training and innovation mechanisms is critical. Companies should establish flexible internal training and innovation programs to enable existing employees to continuously improve their skills to adapt to changing industry needs. For example, Singapore’s “SkillsFuture” project provides companies with technical training subsidies, which can effectively help companies improve employee skills and reduce training costs. Similarly, Malaysia’s “Industry 4.0” training grant program provides financial support to companies in the manufacturing industry to develop employees’ automation and technical operation skills.

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