In the wake of political decisions made by US President Donald Trump, it is an opportunity for Australia to strengthen ties with China and other Asian markets, Brad Chan, founder of a non-profit startup incubator stated at the recent forum hosted by Jobs for NSW.
At the Born Global: NSW Gazelles tackling the Asian opportunity forum, presenters urged startups and SMEs to seek and look for opportunities in international markets, opening up nation-wide economic benefits.
Jobs for NSW is a private sector-led and NSW Government-backed initiative which aims to make the NSW economy create new jobs across the state and remain as competitive as possible.
The Jobs for NSW initiative aims to deliver on the NSW Government’s election commitment to creating 150,000 new jobs in the next four years.
Chan emphasized that Asia is the fastest-growing economic region in the world with a growing market and interest for investing in new innovative products and services. Additionally, as Australia’s trading partner, China takes first place with respect to purchasing power. Now, more than ever, these are viable opportunities.
China’s millennial population— a staggering 400 million— is an active population of consumers. Chan said,
These Chinese millennials increasingly use online channels to buy everything and often use social media platforms to tell family and friends about a particular brand. Chinese millennials are spending big.
NSW Deputy Premier and Minister for Small Business John Barilaro says that businesses are operating in a global market, with no business being restricted to a domestic market anymore. He further states that startups and SMEs in Australia are in a “perfect position” to offer their products and services to Asian markets. Barilaro said,
Trade exposure can unlock a cycle of productivity, income, and jobs growth, and help businesses of any size meet the challenge of overseas competition. Rising incomes, rapid urbanization, and changing lifestyles are driving consumption changes across Asia and over the past 10 years Australia has entered into free trade agreements which have reduced tariffs and opened market access across Asia.
Ex-Telstra CEO and Jobs for NSW chair David Thodey believes that Australia is not moving “global enough” and for them to succeed in international markets, the government, with the private sector needs to build “clusters of capability” that will enable businesses to launch. He stated,
Government’s role is to facilitate an environment for you to be successful, not about handouts. We’re about creating new industry, we’re about helping people to get up, and that’s what we want to do as we go forward.
