Their economic growth far outpaces the expected global average of 3.7 per cent. ASEAN's GDP is expected to grow at 4.7 per cent this year, and the GCC at 4.5 per cent.
Both also have young populations, with one-third of ASEAN's population and half of the GCC's under 30 years old.
These demographics suggest an increase in the demand for goods and services within both regions, said Mr Shanmugam.