This Asialink report helps illustrate the important role Asian economies hold in creating a strong and profitable future for Australian businesses.
Collectively, Asian economies are the world’s largest and fastest growing, and they represent a major opportunity for Australian business. Asia’s share of world output has doubled in under 60 years—from roughly 20 per cent in the 1950s to nearly 40 per cent in 2010.
With growth of that order expected to continue, there can be little doubt we live in the ‘Asian century’. In Australia, our multicultural society, advanced services sector, natural resource endowment and transparent regulatory regime position us well to do business with Asia. That some Australian businesses are capitalising on this opportunity is evident in our trade figures.
Three of Australia’s five biggest trading partners—China, Japan and Republic of Korea—are in Asia. And, since 2004, Australia conducts more trade with Asia than with the rest of the world combined. However, we can and should be doing more to build on successes to date and capture the benefits of Asian growth for Australia’s long-term economic prosperity.
This is a matter of urgency, as local companies in rapidly maturing Asian markets are hungry to grow across the region, while others in developed markets are overcoming the disadvantage of distance.