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Australia cannot ‘miss the opportunity’ to capitalise on growing Asian economies

Australia has reached an “absolute cross-roads” with an unprecedented opportunity to expand operations and trade in Asia.

A report into how best approach boosting economic ties with Asia has recommended a “Team Australia” approach to “diversify and grow” trade investment.

The report by the Business Council of Australia’s Asia Taskforce and the Asia Society recommended the establishment of a Asia business action group which will advise the Commonwealth government on trade and investment opportunities in the Indo-Pacific.

Asia Taskforce Chairman Mark van Dyke has told Sky News the global coronavirus pandemic has meant there is now an “imperative” to expand Australia’s economic outlook to Asia and the Indo-Pacific.

“For Australia to grow going forward, we’ll need to look as much at external growth as domestic growth,” Mr van Dyke said.

There is a middle-class population of two billion in Asia which is expected to expand to 3.5 billion in the next ten years.

This growing population is “looking for premium goods and services” where Australia has the comparative advantage including industries like biotech, professional services, and premium foods, Mr van Dyke said.

“This is the window of opportunity now for Australia,” he said.

“We have to make sure we don’t miss it because it’s a short window and it will be strongly competed for by other peer countries for whom we compete for trade in Asia.”

Australia has reached an “absolute cross-roads” with an unprecedented alternative to broaden operations and commerce in Asia.

A report into how finest strategy boosting financial ties with Asia has beneficial a “Team Australia” strategy to “diversify and grow” commerce funding.

The report by the Business Council of Australia’s Asia Taskforce and the Asia Society beneficial the institution of a Asia enterprise motion group which can advise the Commonwealth authorities on commerce and funding alternatives in the Indo-Pacific.

Asia Taskforce Chairman Mark van Dyke has instructed Sky News the international coronavirus pandemic has meant there may be now an “imperative” to broaden Australia’s financial outlook to Asia and the Indo-Pacific.

“For Australia to grow going forward, we’ll need to look as much at external growth as domestic growth,” Mr van Dyke stated.

There is a middle-class inhabitants of two billion in Asia which is anticipated to broaden to 3.5 billion in the subsequent ten years.

This growing inhabitants is “looking for premium goods and services” the place Australia has the comparative benefit together with industries like biotech, skilled providers, and premium meals, Mr van Dyke stated.

“This is the window of opportunity now for Australia,” he stated.

“We have to make sure we don’t miss it because it’s a short window and it will be strongly competed for by other peer countries for whom we compete for trade in Asia.”

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