KUALA LUMPUR: Mid-sized companies in Malaysia, Indonesia, India and China are optimistic they can grow their businesses despite a slowing Asian economy, a Standard Chartered Bank survey report revealed yesterday.

According to the report titled “Asia’s Mid-Sized Companies”, chief executive officers (CEOs) and chief financial officers (CFOs) have become more confident in the operating environment in their countries in the last few years, with 86% expecting to increase their turnover and 75% planning to take more workers in the next five years.

The survey spans 300 CEOs and CFOs of companies with an annual turnover of between US30 million (RM108 million) and US$100 million across four of StanChart’s Asian markets.

“Ninety per cent of the CEOs and CFOs are confident in the potential to grow their business in the next five years, with an average anticipated rise in turnover of 39%.

“Confidence comes from increasing demand for products and services, much of this driven by a growing middle class,” the report said.

While optimism is high across the board, Malaysian respondents have slightly mixed views, with 78% expressing confidence in their growth prospects.

StanChart notes that domestic expansion is a priority for these companies — which typically operate beyond their home countries — many of them selling products and services to the Asean region and Europe, as opposed to buying or selling raw materials.

According to the report, increased competitive challenges and rising costs have not stopped the firms’ aspirations to lead in their respective industries, while recognising the need to offer quality products and services both at home and abroad.

“The findings are good news for these four Asian economies, as the companies here look to expand their workforce to meet increased demand for the products and services they provide.

“Three-quarters of the businesses that plan to grow also expect to take on more workers in the next five years, with headcount expected to increase by an average of one-third,” it said.

This article first appeared in The Edge Financial Daily, on January 22, 2015.