Key business trends to watch in Asia in the Year of the Rabbit
16 February 2023: Staying ahead of the game in Asia has never been more crucial. From navigating complex market conditions to understanding the impact of technology advancements, environmental and sustainability developments, inflation, and geopolitical factors, Australian businesses need to gain a competitive edge.
Asialink Business launched the Business Trends in the Year of the Rabbit Discussion Paper. We sought out diverse voices: CEOs, start-up founders, and emerging leaders and asked them to reveal what they thought were the most crucial yet unappreciated trends that Australian businesses should comprehend when engaging with the region.
To unpack the key tends businesses need to be looking out for in the Year of the Rabbit, Asialink Business hosted a webinar featuring a panel of industry experts.
The panel discussion was moderated by Robert Law, Director of Advisory and Insights at Asialink Business, and featured Matthew Warrington, President of Toll Global Forwarding, Toll; Bronwyn See, Energy Transition Expert; and Tracy Le, Start-up Investor, Advisor, and 2021 Most Influential Young Asian Australian Awards Finalist in the Corporate Category. Leigh Howard, CEO of Asialink Business, provided opening remarks discussing the opportunities across Asia and the potential benefits for Australia.
The panellists discussed several key trends, including supply chain challenges, agility, technology, sustainability, emerging markets, and renewable energy.
Matthew Warrington shared the challenges faced by the industry due to supply issues, demand, and port issues. He discussed how businesses are approaching building supply chain resilience through adaptability and agility. While ‘adaptability’ is the willingness to change your supply chain as needed, through excess inventory and diversification or markets, ‘agility’ is the speed which you can change. To be agile, businesses need to embrace technology. Through end-to-end visibility of the supply chain, businesses will have the ability to move fast with changing circumstances.
Tracy Le shared the opportunities in Vietnam, where there is a growing middle class, a young population, an uptick in technological adoption, and low leverage, making it more resilient to economic downturns. She also noted that Vietnamese residents are keen to move between Australia and Vietnam and suggested that Australia needs to consider how to attract and retain talent to remain competitive. She also highlighted the importance of exploring partnerships and learning about challenges to acquire knowledge and then act.
Bronwyn See unpacked the unique opportunities for renewable energy generation in Asia, including wind, solar, hydro, nuclear, and biopower. She noted growth in the electric three-wheeler market and suggested that government initiatives and policies should encourage private partnerships to achieve climate goals and meet the rise of E3V market opportunities.
The panellists emphasised the importance of adapting to changing trends and remaining optimistic and confident during uncertainties. Businesses should be on the front foot, explore partnerships, and acquire knowledge about challenges to take advantage of emerging opportunities.
Asia offers vast opportunities and Australian businesses should focus on addressing their capabilities to take full advantage of what is on offer and ride the mega trends.
Access a copy of the Business Trends in the Year of the Rabbit here.
Watch the webinar recording here.