Whatever the maps and geography teachers might say, Australia, certainly in the football sense, is now part of Asia but what does that mean for Australian business trying to make a buck out of the high growth markets of Asia ?
While the move by Football Federation Australia to leave Oceania and position of dominance in the region to become part of Asia and perhaps a position of uncertainty was met with scepticism by some and wariness by others.
Firms must have a clear strategy regarding Asia, which includes Australia, to remain relevant on the global stage, writes Dr Stephen Moss.
Over the next five years Asia is likely to grow at more than two times the pace of the developed world. The implications of Asia’s growth will see a fundamental long-term shift in the global economy.
Over the next 20 years, Asia will likely become the most dominant economic region in the world. To ignore Asia as part of your international strategy is to risk not being a part of the growth and development of the next decades.
According to Dr Stephen Moss is an adviser to the legal services sector and chairman of Eaton Capital Partners, he also sits on the board of a number of other professional services firms in the region.
“Hong Kong and Singapore have long been destinations for international firms looking to follow their clients into Asia, so much so that the domestic markets of both countries now have highly saturated legal markets with over 130 and 150 registered foreign firms respectively”.
“Australia is no longer in the grip of the resources boom. The dollar has stabilised to a more realistic level against the US dollar and it remains a well understood regulatory and tax environment with a relatively strong economy. Since the GFC, Australia’s GDP has grown by 18 per cent and China’s FDI into Australia continues to steadily grow”.
Australia’s economic stability is coupled with its increasing political and social influence in Asia. Former Australian prime ministers Bob Hawke and Paul Keating were instrumental in the establishment of the Asia-Pacific Economic Cooperation (APEC) forum last century.
Australia, once seen through post-colonial eyes as geographically part of Asia but culturally more aligned to Europe, is now ensconced as an integral part of Asia’s growing economic and political might. Those who see xenophobia a way to win cheap votes in Australian domestic politics will not be able to get far when it comes to developing a sustainable foreign policy with Asia, especially ASEAN.
Malaysia has of late enjoyed a close relationship with Australia as can be seen by the recent statistics which sees more Australian firms setting up in the country in a wide range of industries.
The Malaysia Global Business Forum will continue to facilitate the relationships that will grow trade and investments between Malaysia and Australia. This could be on the federal government level, state government, trade associations or on a company by company basis.
Contact our team today for more information about how the Malaysia Global Business Forum can assist expansion into the Malaysian and ASEAN markets.
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Upcoming Events
MGBF founding chairman Nordin Abdullah and UMW Toyota president Datuk Ravindran K. will delve into the convergence of automotive innovation and environmental sustainability in Penang, Sarawak, Johor and Pahang.
Hosted by menumiz™ – an end-to-end restaurant management system – this roundtable will feature a case study presentation and a panel session to discuss the latest digital trends, challenges, and opportunities within the food and beverage sector.
In this episode of 'A Working Lunch with Nordin', MGBF's founding chairman, Nordin Abdullah, will host this discussion focusing on the biggest threats and opportunities for businesses as we look to manage change in the South China Sea.
This MGBF Roundtable will focus on regional food security issues and trends in the regional supply chain, and trade regulations and policies, including a new geopolitical tool i.e., weaponisation of supply chains.
MGBF In The News
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The Founding Chairman of the Malaysia Global Business Forum (MGBF), Nordin Abdullah, today spoke on Bernama TV’s leading English talk show, The Brief, hosted by Jessy Chahal, on the topic of a stable political reality and what that means for the Malaysian economy. Nordin said, “The first thing that it […]
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The upcoming budget represents an opportunity to build resilience in the critical sectors that will form the backbone of the country’s future-facing economic ambitions. This however needs to be achieved in the context of managing the community sectors most impacted by COVID-19 over the past two years. The Keluarga Malaysia (Malaysian Family) […]
Malaysia Global Business Forum (MGBF) has moved to support the creative economy as the overall economy moves into a recovery phase following the COVID19 pandemic. As a step in the direction of normalcy, the MGBF has agreed to host the art exhibition “I Know You’re Somewhere So Far” by one […]
Congratulations to Datuk Seri Ismail Sabri Yaakob for taking up the mantle of the ninth prime minister of Malaysia. There is nothing normal about the situation; it could not have been scripted but it has kept the spectrum of media, mainstream and social, gripped. The first order of business for […]
In a stirring speech to the nation, President Joseph R. Biden, Jr. stamped his brand of leadership on the presidency, in his first act as the 46th president of the United State of America, it signaled several shifts. Perhaps the weather was foreboding with snow falling before the ceremony that […]
KUALA LUMPUR, 6 July 2022 – As the global economy continues to deal with unprecedented levels of disruption caused by the pandemic and the conflict between Russia and Ukraine, the convergence of energy security and food security issues has become a front-of-mind issue faced by policy makers and consumers alike. […]
KUALA LUMPUR, 23 June 2022 — Malaysia Global Business Forum (MGBF) ties up with scoutAsia to ensure that businesses are equipped with deeper regional insights. The past two years has seen a massive shift in the way businesses are conducted with digitisation, digitalisation and automation continuously being adopted to improve […]
KUALA LUMPUR, 25 May 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting yesterday at the Eastin Hotel Kuala Lumpur. The guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of […]
