JPMorgan, the largest bank in the U.S., remains bullish on India and Japan within Asia while also keen to allocate resources to Southeast Asia, benefiting from the "China Plus One" strategy, according to JPMorgan's Asia Pacific CEO, Mr. Sjoerd Leenart. In an interview, He stated, "India is still firmly in the top 3, possibly top 2 in Asia, along with Japan. Growth in India is very broad-based." He added that JPMorgan is actively investing on all fronts in India, including increasing its workforce, injecting more capital into the business, and making significant technology investments to cater to new market segments. The bank expects its commercial banking division, focusing on mid-sized companies, to grow by as much as 30% in India over the coming years.
He also noted that for India to benefit from the "China Plus One" strategy fully, the country must enhance its manufacturing ecosystem and ensure scalability, which has so far been advantageous for Southeast Asian nations. He emphasized that India's potential to become a manufacturing hub and create blue-collar jobs presents both an opportunity and a necessity, although it poses challenges. In Japan, He said that with positive interest rates, corporate activity is showing promise, making the country full of opportunities. Despite concerns about China's slowing economic growth, JPMorgan’s business there is growing, and the bank sees continued potential in servicing domestic and international clients. He highlighted Southeast Asia as another key investment region, where the combined economies, valued at around US$ 3 trillion, present considerable opportunities despite its fragmentation across 5 or 6 countries.
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