The New South Wales (NSW) Government has launched an ambitious series of market update sessions designed to enhance exports to ASEAN markets, reaffirming its commitment to supporting local businesses in international trade. The first session, named ‘ASEAN Market Updates for NSW Businesses’, was held in Western Sydney and proved to be a valuable opportunity for businesses to gain insights into market trends, sector-specific opportunities, and practical guidance on navigating the ASEAN landscape.
Why ASEAN Matters
The Association of Southeast Asian Nations (ASEAN) consists of some of the fastest-growing economies in the world and is predicted to become the fourth-largest economy globally by 2040. Factors such as a youthful population, rapid urbanization, and increasing industrialization are driving this growth, and Australian exporters are uniquely positioned to capitalize on these developments. In a region where economies are progressing quickly, the potential for NSW businesses to engage and build relationships is vast.
Statistics indicate that NSW merchandise exports to ASEAN countries surged over 20% over the five-year period leading up to the financial year 2022-2023, amounting to AUD $12.6 billion. During the same timeframe, Australia’s services exports to this vibrant region grew modestly by 1.3%, totaling AUD $14.7 billion. Despite this growth, there is still substantial room for improvement for NSW exporters to meet the escalating demand.
Strategic Advantages for NSW Exporters
NSW is fortunate to possess a potent combination of factors that could support its businesses in expanding into the ASEAN market. The state’s geographical proximity to Southeast Asia, along with complementary agricultural seasons and robust production capabilities, provides a distinct advantage. Furthermore, the ongoing digital transformation in the region offers NSW exporters a solid platform from which to launch their products and services effectively.
In the inaugural session, industry leaders shared their experiences and strategies for success in the ASEAN region. Notable speakers included Dale Schilling, CEO & Founder of Hillridge Technology, and Avit Bhindi, Founder of JIVA Products. Both speakers highlighted how their businesses successfully harnessed the benefits of partnerships through Investment NSW, which has been crucial in establishing lucrative connections across ASEAN markets.
Infrastructure Developments Supporting Growth
The recent announcement of Singapore Airlines operating international flights from the new Western Sydney Airport marks a significant infrastructure development crucial for trade facilitation. As the Bradfield Development Authority leads the creation of the ambitious Bradfield City Centre, future sessions of the ‘ASEAN Market Updates for NSW Businesses’ will continue to guide exporters, with the next session scheduled for 7 November in Wollongong, followed by sessions in regional NSW in early 2025.
Minister for Industry and Trade Anoulack Chanthivong emphasized the potential of the ASEAN diaspora community, which includes 356,000 residents in NSW who were born in ASEAN nations. This community represents a considerable asset for facilitating trade due to established cultural, linguistic, and personal connections.
“The ASEAN diaspora community is a tremendous and untapped asset. These connections make the ASEAN-Australia relationship special,” he stated. His emphasis on creating awareness of opportunities indicates a strategy focused on both cultural understanding and trade facilitation.
Webinars and Briefings on ASEAN Opportunities
The NSW Government’s initiative also includes a series of briefings intended to support exporters in understanding the unique characteristics of the ASEAN market. These sessions aim at increasing both awareness and skills among NSW businesses, ultimately ensuring they can navigate this rich and diverse market more effectively.
In closing, the heightened focus on ASEAN markets reflects a broader strategy from NSW to strengthen its international trade framework. With the right support, infrastructure, and market understanding, NSW businesses can tap into the wealth of opportunities presented by ASEAN economies, poised to thrive in one of the most promising regions globally.
As NSW continues to unlock these opportunities, it is clear that exporters have a vital role to play in shaping economic relationships in the Asia-Pacific region. The result is not just economic growth, but stronger ties between communities that can lead to enhanced cultural exchange and shared prosperity.
