BUSINESSES URGED TO TAKE ASIA OPPORTUNITY
Written on the 8 November 2016
AUSTRALIAN businesses could gain $138 billion in revenue by acting on expansion plans into Asia, says the latest ANZ Opportunity Asia report.
The report, based on a survey of 1,000 Australian businesses, shows that those who acted on expansion plans into Asia found it easier than expected, and reaped increased revenue.
ANZ group executive, Australia, Fred Ohlsson says that challenging business conditions in Australia, including stagnant wages and a higher cost of living, have encouraged locally-based businesses to look to Asia for profit.
"We've found more of our customers are considering alternative revenue streams overseas to ensure sustainable growth," says Ohlsson.
The key findings of the report are:
The agricultural sector is capitalising on the opportunity - 75 per cent of businesses receive substantially higher profits from their Asian operations, while 89 per cent of survey respondents say doing business in Asia is an "attractive option".