Untapped potential for Australian businesses in Asia - new guides
- Written by Leigh Howard, CEO of Asialink Business at the University of Melbourne
As Australian businesses face challenges from a sluggish domestic economy, the advice is to tap into thriving export markets in Asia.
“We are seeing a continued surge in consumer spending power across Asia thanks to the rapidly rising middle class - the growth potential is staggering,” says Asialink Business CEO Leigh Howard.
“With the right insights and strategies, Australian businesses can make informed decisions and capitalise on these opportunities by tapping into our region’s dynamic economic future,” he adds.
Mr Howard shares five tips for doing business in Asia:
Understand the Relationships: Cultural intelligence is key to effective communication and building trust. While virtual modes of engagement increase, core cultural values remain an important factor in international business. Not understanding this can lead to missed opportunities, delays and lost engagements.
Secure Strong Connections: Strong relationships with suppliers, distributors, clients, and other stakeholders are fundamental. The strength of business relationships can determine the ability to gain credit, procurement, and contracting.
Understand what makes the market unique: Understand the distinct business culture and landscape. As individual markets grow, their preferences become increasingly distinct.
Be Local: Customise your products to match local needs and preferences. Positioning, labelling, and market channels matter.
Risk & Return: Doing business overseas involves a range of new risks from economic, political and regulatory, but lucrative returns are on offer. Do your homework to maximise outcomes.
As part of an initiative to support Australian businesses and kickstart exports to the region, Asialink Business will launch its ‘Doing Business Guides’ this week, an essential resource for exporting to, or investing in Asia. The series will cover 14 key Asian markets by the end of the year with the guides for Vietnam, Indonesia, Malaysia, the Philippines, Singapore and India already published.
Some of Australia’s leading voices on international business relations with our Asian neighbours will speak at the launch, including Industry & Science Minister Ed Husic, Chartered Accountants Australia and New Zealand CEO Ainslie van Onselen; Aspen Medical Executive Chairman Glenn Keys AO and moderated by Asialink Business CEO Leigh Howard.
Over 150 business and industry executives and government leaders will convene in Sydney for the event.
The freely available ‘Doing Business Guides’ series provides Australian businesses with an economic overview and business culture. It maps out how to enter each Asian market and offers the practicalities of doing business in each country.
About Asialink Business
Asialink Business is Australia’s National Centre for Asia Capability. We offer commercially focused solutions to equip Australian businesses with the skills and insights to seize opportunities in Asia. Our Doing Business Guides offer critical information for businesses to navigate the complexities of Asian markets and achieve success.
Asialink Business is supported by the Department of Industry, Science and Resources. It is part of the Asialink Group hosted by the University of Melbourne.
To find out more visit www.asialinkbusiness.com.au
