KUALA LUMPUR, Malaysia Aug 6 (NNN-Bernama) -- ASEAN remains a popular destination for business for Malaysian mid-sized companies with 76 per cent of those surveyed are doing business in the region.

Standard Chartered Bank Malaysia chief executive officer/managing director Mahendra Gursahani said a study conducted by the bank also showed that 80 per cent of Malaysian mid-sized companies were confident of the growth potential of their businesses over the next five years.

"One of the factors fuelling such confidence is increased demand for products and services.

"Much of this is driven by a growing middle class, as well as the relatively young population entering the workforce," Mahendra told Bernama.

He said such confidence was a positive sign of growth for the small and medium enterprise (SME) sector in Malaysia.

"Mid-sized companies are crucial engines of economic growth and job creation across ASEAN, and are increasingly active in global trade.

"Our study shows that slowing growth in the region has not dented the confidence of their chief executive officers.

"In fact, these dynamic companies are looking to recruit more workers and expand into new markets, growing their turnover in the next five years," Mahendra said.

Standard Chartered partnered with GlobeScan, an independent global research consultancy, in conducting the survey, with samples made up of Malaysian businesses with annual turnover of between US$30 million and US$100 million.

The latest trade statistics from the Ministry of International Trade and Industry (MITI) showed that Malaysia's exports to ASEAN improved further, expanding 6.4 per cent year-on-year in June 2015.

The exports amounted to RM18.41 billion, accounting for 28.7 per cent of Malaysia's total exports.

Meanwhile, trade with ASEAN increased 4.2 per cent to RM33.49 billion, while imports from ASEAN rose 1.6 per cent to RM15.08 billion, according to MITI.