Growing with Asia: Developing Asia Capability in Australian Businesses
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The opportunities in emerging Asian consumer markets are massive and growing. By 2030, lower middle-income countries — including India, Indonesia, and Vietnam — will have middle-class markets that are US$15 trillion (AU$21 trillion) bigger than they are today (this forecast growth is more than 11 times the size of Australia’s current GDP).
To compete for this consumer market, Australian small and medium businesses need to develop Asia capabilities — the skills, knowledge and networks needed to succeed when doing business with the region. This discussion paper is a first step to understanding the capabilities that Australian small and medium businesses need to win in Asia. It aims to help them to focus on the vital capabilities that will support them to expand into Asian markets.
This discussion paper initiates a larger project that, for the first time, will focus on how Australian small and medium businesses can compete in Asia. Previous research has focused on Australia’s biggest corporations, which is less relevant to small and medium businesses that are often too focussed on day-to-day operations to explore new markets or cost saving opportunities in Asia.
Drawing on the latest international business literature, case studies and interviews with small and medium business owners and leaders, this discussion paper emphasises the importance of six Asia capabilities to small and medium businesses. It also provides insight into how Australian businesses can develop these capabilities over the short and long run.
Interested in seeing How Asia Capable You Are? Access our free online self-assessment tool to analyse your Asia capability and unlock useful resources