Why Australian businesses are missing the Asian opportunity. And what they can do about it.
Few would argue that Asia is an economic powerhouse and growing fast. But many Australian businesses have struggled to turn this opportunity into successful growth.
We surveyed over 1,000 Australian business leaders to understand the extent of their involvement in Asia, and what, if anything, was holding them back.
Our research found:
- Just 9% of businesses are currently operating in Asia and only 12% of Australian companies have any experience of doing business in Asia at all
- 65% have no intention of changing their stance towards Asia in the next 2-3 years
- Of Australia’s large companies, half are doing business in Asia but only 23% have staff on the ground in-market.
These results clearly show that Australian business is a long way from the level of engagement, investment and commitment needed to secure a long-term share of the region’s growth.
Despite the challenges it is certainly possible to succeed in Asia.
8 fundamentals for success in Asia
Asia is – and will continue to be – an important source of growth. The opportunity for Australian businesses to get a substantial foothold in Asia is passing us by and we need to act now.
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