The ASEAN region represents a competitive market of over half a billion people, in: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
The number of middle-class consumers in the Asian region, of which the Asean market forms part of, is estimated to grow from about half a billion in 2013 to 3.2 billion in 2030. The opportunities this represents are enormous and this is an important statistic that Australian companies looking for growth opportunities outside of Australia cannot afford to overlook.
The Australian economy is being driven by the industrialization of Asia, how Australian business seize this opportunity is their own responsibility.
“Alarmingly experts agree that Australian business’s that are unable to adapt to Asian markets, will have difficulty in placing even the most innovative product.”
Whilst the rise of Asia represents many new opportunities for Australian businesses, opportunities that will continue to grow in the future, it must be understood that Australia’s close proximity to the Asia-Pacific region is not enough to guarantee success.
“So what can Australian business do to take advantage of this growing economy? “
In order to be best placed to take advantage of the Asia’s growing economy Australian Business’s must start building new skills now. Australian businesses need to develop an international mindset, which gives them the appetite and ability to make cross-border investments and acquisitions.
Put simply Australian business’s require a mind shift with regard to the Asean One that includes; becoming more knowledgeable about the cultures, economies and importantly be willing to conduct regular visits to the regions, to ensure that contacts are made and relationships are built.
It is little wonder that forward thinking Australian companies place such importance on training Australian business professionals in order to arm them with the required knowledge and skills to successfully operate with and in Asean markets.
Australia’s more forward thinking companies have already begun to prepare themselves and many have begun operating within the region.
What you need to ask yourself is; Are you prepared? Is your business prepared? Those Australain businesses who fail to prepare will have no one to blame but themselves for missing out on a wonderful new opportunity for sales, investment and engagement with the Asean region.