NSW launches series to boost exports to ASEAN markets
The New South Wales (NSW) Government has launched a series of market update sessions aimed at helping exporters from the region expand their businesses in Southeast Asia.
The inaugural session of the 'ASEAN Market Updates for NSW Businesses' series took place in Western Sydney, providing attendees with insights on market trends, sector-specific opportunities, and practical advice on doing business in the ASEAN region.
ASEAN, comprising some of the world's fastest-growing economies, is projected to become the fourth-largest economy globally by 2040. This anticipated economic expansion is driven by demographics, industrialisation, urbanisation, and technological advancements, all of which present substantial opportunities for exporters from NSW.
In the five years leading to the financial year 2022-2023, NSW merchandise exports to ASEAN countries grew by over 20% to reach AUD $12.6 billion. In the same period, Australia's services exports to the region increased by 1.3% to AUD $14.7 billion. However, there remains considerable scope for NSW exporters to meet the region's growing demands.
The rapid and unprecedented digital transformation of the region complements NSW's advantageous combination of complementary agricultural seasons and climates, production capabilities, and geographic proximity, optimising the state's businesses for expansion into Southeast Asia.
The session featured speakers such as Dale Schilling, CEO & Founder of Hillridge Technology, an agricultural technology company that supports farmers in mitigating financial risks due to adverse weather, and Avit Bhindi, Founder of JIVA Products, a company exporting handcrafted wellness beverages. These successful exporters have been supported by Investment NSW to establish connections and grow their export sales across ASEAN.
With Singapore Airlines announced as the first carrier to operate international flights from the new Western Sydney Airport, the event took place at the Bradfield Development Authority's offices. The Authority is spearheading the development of the ambitious Bradfield City Centre. The next session will be held on 7 November in Wollongong, with the subsequent two sessions planned in regional NSW in early 2025.
Minister for Industry and Trade Anoulack Chanthivong stated, "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."
He further elaborated, "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."
Chanthivong emphasised, "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." He added, "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."
