The first of four briefings in the new ‘ASEAN Market Updates for NSW Businesses' series was held today in Western Sydney providing insights on market trends, sector-specific opportunities, and expert advice on the practicalities of doing business in the ASEAN region.
Southeast Asia is expected to be the world’s fourth largest economy by 2040, fuelled by favourable demographics, industrialisation, urbanisation, and technological advances. This growth offers significant opportunities for NSW exporters.
In the five years to 2022-23, NSW merchandise exports to ASEAN grew by more than 20 per cent to $12.6 billion, and Australia’s services exports to the region grew by 1.3 per cent to $14.7 billion, but there is still more opportunity to be had for NSW exporters to meet ASEAN’s growing demands.
With the region undergoing a rapid and unprecedented digital transformation, NSW’s favourable combination of complementary agriculture seasons and climates, production capabilities, expertise and geographic proximity, ideally positions NSW businesses to Southeast Asia.
Speakers at today’s session, hosted in partnership with Asialink Business, included successful NSW exporters who have been supported by Investment NSW to build connections and drive export sales across ASEAN, such as:
- Dale Schilling, CEO & Founder of Hillridge Technology – an agtech company helping farmers mitigate the financial impact of poor weather on their crops or livestock; and
- Avit Bhindi, Founder of JIVA Products – a hand-crafted wellness beverages exporter.
With the announcement of Singapore Airlines as the first carrier to operate international flights out of the new Western Sydney Airport, the event was fittingly held at the offices of the Bradfield Development Authority, which is leading the development of one of the country’s most ambitious and exciting projects – Bradfield City Centre.
The next session is scheduled for 7 November in Wollongong, with the remaining two sessions to be hosted in regional NSW in early 2025.
For more information and to register for future sessions visit this link.
Minister for Industry and Trade Anoulack Chanthivong said:
“The ASEAN diaspora community is a tremendous and untapped asset. In NSW, I am one of 356,000 residents born in an ASEAN country, and we are one of the state’s largest group of overseas-born residents. I believe it is cultural, linguistic, and personal connections that make the ASEAN-Australia relationship special.
“I was deliberate in making my first overseas mission as Minister for Industry and Trade to ASEAN in July. One of the immediate actions to come out of my mission was a series of briefings to support NSW businesses to understand and access this region.
“These events aim to raise awareness across NSW of the significant opportunities for engagement between our state and ASEAN in order to increase mutual cultural literacy.
“ASEAN is entering a golden age, propelled by a young population and opportunities presented by urban development. As a close neighbour, this growth presents enormous opportunities for NSW businesses.”
