India is becoming the top market for companies aiming to adjust their trade and manufacturing operations, according to Standard Chartered's recent report on the Future of Trade.

The report highlights a significant shift in global corporate strategies.

According to the survey, India is the top market of interest, where nearly half of the respondents plan to increase or maintain trade activities with the world’s fastest-growing major economy, while two in five aim to expand or continue manufacturing efforts. Notably, over 60% of corporations from the US, the UK, Mainland China, and Hong Kong are seeking to boost trade with India.

The report offers insights from 1,200 C-suite and senior leaders at multinational corporations across 17 key markets and four industries, regarding their perspectives on global trade and their strategies for the next three to five years.

Overall, globally, the Future of Trade report reveals that while trade tariffs are top of mind, emerging technologies and global economic growth are equally critical factors, with 53% of corporates respectively ranking those as the top strategic drivers shaping the future of global trade.

Sunil Kaushal, Global Co-head, Corporate & Investment Banking and CEO, ASEAN and South Asia, Standard Chartered, said, “We are seeing strong demand from clients to evolve their global trade and supply chain ecosystems and accelerate the adoption of smart manufacturing and AI to drive efficiencies and offset rising costs. However, trade fragmentation is likely to hinder global growth in the short term. Rising prosperity in developing economies and emerging technology mean that the picture, while complex, is still compelling.”

“The Future of Trade report highlights global corporate priorities for resilience, showing top destinations for sourcing, manufacturing, and exports. It offers insights on investing in supply chain finance and digitalisation to enhance treasury management, cashflows, and diversification,” added Kaushal

Corporate leaders expect Asia to sustain its role in driving trade growth over the next three to five years, while the Middle East and the US will continue to be major players. The report also highlights routes that will experience increased trade and manufacturing activity.