An executive of Des Moines-based Principal Financial Group Inc. said last week that the company is targeting “double-digit” growth for its mutual fund and asset management businesses in Asia, as economic growth and rising incomes in that region bolster demand for financial products.

Rex Auyeung, president of Principal’s Asian operations, said in Bangkok, Thailand, that potential countries for expansion include South Korea and India. Principal’s Asian operations manage about $18 billion in assets. The company has $284.7 billion of assets worldwide as of June 30, according to its website.

Principal is competing with global rivals such as Manulife Financial Corp. and ING Groep NV to tap demand in the world’s fastest-growing region.

“Asia is a key market for Principal Financial because of its tremendous opportunity,” Auyeung said in an interview. “The question is whether we come too late, as other global heavyweights are here. My answer is no, because the market has room for many players.”

Principal has operations in China, India and Hong Kong. CIMB-Principal Asset Management Bhd., a joint venture with Malaysia’s CIMB Group, has offices in Indonesia, Malaysia, Singapore and Thailand.