Engaging Asia: Challenges for Australian business in Asia
This survey by Asialink Business of more than 400 Australian businesses engaged in Asia has identified big gaps in resources available to help them. In the first survey of its kind, businesses said there was a lack of country-specific information on how to start up operations, and they also wanted cultural training and advice on understanding Asian business cultures.
Asialink Business conducted the research with support from survey partners the Business Council of Australia and the Australian Industry Group. They found that the primary challenge for all businesses – no matter how big or small – was finding or building relationships with local partners in Asia.
A total of 419 businesses around Australia answered questions about the challenges they had encountered in Asia and what was needed to help businesses set up in the region.
The report found that:
- Australian businesses say the biggest gap in resources is the lack of country-specific "starter packs" with practical information, for example on taxation, regulation, and employment laws
- Almost a third of businesses said there was insufficient industry-specific data on Asian markets
- Thirty-seven per cent of corporates (200+ staff) and 28 per cent of SMEs said they wanted training or advice on the differences between Australian and Asian business cultures and how to adapt
- Nearly 40 per cent of businesses had sought assistance from Austrade and industry-specific associations, but smaller organisations are accessing this support at much lower levels than their larger counterparts.
"The survey shows many Australian businesses are hungry for information and cultural training to help them move into Asia but either it’s not there or they don’t know where to find it," Bruce Bayley, the interim CEO of Asialink Business, said.