But more firms are mulling overseas expansion.

Only 60% of businesses are aware of the ASEAN Economic Community (AEC), a survey by the Singapore Business Federation showed.

The survey also showed tha more businesses are looking for opportunities in Asia, particularly ASEAN and China. An overwhelming 72% of the respondents, an increase of 10% from 2014, have indicated that they have an overseas presence.

The top markets are mainly in Asia, namely Myanmar, Indonesia and Cambodia.

“The survey findings indicate that we are still some way in raising the awareness of the AEC amongst businesses. As the AEC comes into place, the flow of goods, services, capital and people will expand. I would like to invite more companies to work with SBF, various trade associations and government agencies like IE Singapore, to leverage the opportunities offered by the AEC,” said Ho Meng Kit, Chief Executive Officer of SBF. –http://sbr.com.sg/economy/news/2-out-5-firms-clueless-about-asean-economic-community