ASEAN Rising: New report helps Australian business be part of ASEAN’s growth story
Deep market insights and practical skills needed to partner with ASEAN on its remarkable rise
(Melbourne, 22 May 2018) Set to be the world’s fourth largest market by 2030, ASEAN has a booming digital economy, a young and agile workforce and diverse consumers seeking quality education, travel and premium food and lifestyle products.
Building on momentum created by the ASEAN-Australia Special Summit earlier this year, a new report by Asialink Business, with support from the Australia-ASEAN Council, urges Australian business to partner with ASEAN on its remarkable rise.
Previewed to the Asialink Leaders Program in Melbourne, Sydney and Brisbane this week, ASEAN Rising: Industry insights to grow and expand in Southeast Asia, is a précis of the key learnings, recommendations and case studies gleaned from a series of business forums involving nearly 3000 urban and rural organisations.
"From the growth of the millennial consumer classes, to societal changes opening up new prospects in aged care, it is time for Australian business to deep-dive into the dynamic opportunities in ASEAN."
“From the growth of the millennial consumer classes, to societal changes opening up new prospects in aged care, it is time for Australian business to deep-dive into the dynamic opportunities in ASEAN,” says Asialink Business CEO, Mukund Narayanamurti.
“General awareness is rising - but if we really want to be part of ASEAN’s growth story, then businesses need deep market insights and practical skills to navigate these complex and competitive markets.”
ASEAN Rising features practical insights on how to connect with the region’s changing consumers, plug-into the digital economy, leverage the ASEAN Economic Community and customise high-quality education and tourism experiences.
Drawing on case studies from market-leading organisations such as Blackmores and Cochlear, the report identifies nine key learnings:
1. Build on existing strengths, for example leveraging Australia’s financial services expertise to explore opportunities in fintech
2. Use ASEAN as a Launchpad to global markets
3. Be part of the digital story by embracing new technologies and e-commerce platforms
4. Maximise personal links, relationships, alum and diaspora links
5. Focus on ASEAN’s strengths (not risks)
6. Offer unique, high-value and customized experiences
7. Know your market in this diverse region - take country and market specific opportunities into account
8. Make use of FTAs and consider doing small trial runs for your product first
9. Be an advocate for a cohesive and vibrant Brand Australia
ASEAN Rising is available to download now.
Asialink Business received grant funding from the Australia-ASEAN Council of the Department of Foreign Affairs and Trade and the Department of Prime Minister and Cabinet for the State of Nation ASEAN event series on which this report is based.
Media contacts
Heather Chai, Head of Communications & Public Relations
Heather.chai@asialinkbusiness.com.au / Mob: 0423 035 277