Asia’s food is arguably the tastiest in the world, its combination of sweet, bitter, sour and salty a pleasure for the tongue’s taste receptors. But it is Asia’s appetite for technology that causes many businesses around the world to salivate.
Since the 1960s, Asia has managed to develop economically faster than any other region in the world. The resulting emerging economies are hungry for foreign investment and trade to help secure their industries and boost the local stock market.
The unique geography of Asia and Australia offers a host of business opportunities, from agriculture and other food-based products to natural resources, textiles and energy sectors. Then there’s technology.
From a B2B perspective, technology is a mammoth industry in itself, its innovations part-and-parcel with Asia’s other flourishing industries, whether helping to streamline a clothing company’s operations or make a rubber factory more productive.
From a B2C perspective, the generation of millennials are helping to drive this tech boom, through consumer behaviour and their desire for a global digital economy. Put simply, as the Asian middle class burgeons, the demand for products increases.
It’s no surprise that, in China and Hong Kong alone, imports for electronic integrated circuits alone exceed $300bn per annum, as this report from Asialink Business illustrates (along with the major goods imports and exports in each Asian market).
At the end of the day, knowledge about import demand, cultural differences and legislation is critical so make sure you read up on Asian Emerging Market predictions and major policy changes. Learning this crucial information allows Australian entrepreneurs and businesses to pinpoint gaps in the market and expose opportunities.
Of course, this rapid proliferation does have setbacks. Urbanization and free markets leave behind whole generations and rural communities, who struggle to receive basic services like water, electricity and infrastructure as governments insist on striving headfirst – profits and neoliberalism at the forefront – into the 21st century.
There is also the danger of overreach, which means greater fluctuation in the Asian stock markets and an increased chance of turbulence.
Nevertheless, this Asian technology trend shows no signs of abating. It is alive and well, buoyed by domestic demand, consumer markets and high investment. In very recent developments, the Trans-Pacific Partnership has opened the doors, a free trade agreement sure to reduce trade and investment barriers.
All this suggests that opportunities for Australian businesses remain endless, a trade avenue worth traveling down and most certainly an exporting channel worth tuning into.
The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.
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