What needs to be done for QLD businesses to reach new markets in fast-growing Asian economies

Successful business engagement in Asia demands sustained investment and on-the-ground expertise to navigate the complex political, business and regulatory landscapes

The rise of Asian economies, cities and middle classes, unprecedented digital disruption, and near insatiable demands for knowledge, innovation and infrastructure offers enormous potential to Queensland business and industry.

China is our largest export destination by a significant margin, and continues to grow. Japan, India, South Korea and Taiwan remain important export destinations, underpinned by longstanding relationships with Queensland businesses.

Yet recent shifts in trade data point to the potential of fast-growing consumer-based economies including Indonesia, Malaysia, Vietnam and the Philippines. The demand for high-end goods and services is increasing, including in food and beverages, health and aged care, international education and advanced manufacturing.

Caitlin Byrne is the Director of the Griffith Asia Institute

Plus, impressive investments in digital infrastructure, high mobile device penetration and new digital free trade zones underscore an emerging appetite for digital economy expertise across fintech, agritech, cybersecurity, and e-commerce as well as road safety and intelligent transport.

Queensland businesses can genuinely contribute in these areas but there is a way to go before ambitions might be realised.

Business capacity to engage in Asia, particularly at the small and medium enterprise level, and including across Queensland’s regional and rural areas remains weak.

Anecdotal evidence suggests that successful business engagement in Asia demands sustained investment and on-the-ground expertise to navigate the complex political, business and regulatory landscapes.

Additionally, many Australian companies lack the cultural competencies, confidence and wider networks to engage effectively in the diverse markets of Asia and the Pacific.

For many, this is an issue of workforce and boardroom diversity something businesses should consider in their outward looking business strategies. Also, Queensland’s future in South-East Asia demands better promotion of a more sophisticated image of the state and its capacity for innovation.

Fortunately, Queensland boasts one of the largest international networks of state representation within the region.

The existing trade, investment and tourism network is strengthened by a myriad of sister city relationships.

These connections have evolved from symbolic gestures of global friendship to partnerships that offer strategic potential for innovative collaborations and partnership, linking in particular, to Asia’s expanding smart cities agenda.

In addition to government, Queensland’s bilateral business councils play an ongoing and important role.

Sustaining and building on these connections and showcasing Queensland’s clean, green and innovative credentials, is key to the State’s future prosperity.

Caitlin Byrne is the Director of the Griffith Asia Institute.