Why Asia is the next frontier for Australian professionals and entrepreneurs

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This helpful article will discuss Asia within the context of Australian business and professionalism and explain why this region is the next big frontier for Australian professionals and entrepreneurs. You don't want to miss this excellent opportunity to expand your business or focus on a new, emerging market.

So, are you at the helm of an Australian startup? Or perhaps you're in a leadership role for an emerging company, or you're a budding entrepreneur. Commerce, tech, and related sectors are exciting, often employing cutting-edge technology and business approaches to corner markets and generate profit.

Whatever your background - if you've studied a Master in HR Management online, an MBA, or a pure IT qualification, you're now set and focused on the task at hand for your company as it looks to expand within the ASEAN region. So, read this informative article to learn more.

The ASEAN region, which comprises Indonesia, Malaysia, the Philippines, Singapore, and Thailand, is representative of a shift in global economic dynamics. Whereas China was an emerging market and growth region a decade ago, ASEAN nations have now superseded it.

This shift in global economic dynamics represents a critical opportunity for Australian corporations and entrepreneurs.

Economists project that the ASEAN region will deliver two-thirds of global growth over the next decade - a staggering growth. The International Monetary Fund (IMF) predicts that Vietnam and Indonesia will see astronomical growth, amongst the highest in the world, beating that of China.

The ASEAN region has a massive population of over 637 million people, many of whom belong to an expanding and affluent middle class. Furthermore, the region has a GDP that comprises around 3.4 per cent of the world's total GDP, and growth is expected to remain above 5 per cent shortly. This makes this region ripe for opportunity.

Furthermore, the digital transformation occurring in ASEAN countries is happening at record speeds. Google has estimated that the digital economy in Southeast Asia will be worth a staggering $300 billion by 2025 - just two short years away. Part of this trend can be attributed to the COVID-19 pandemic, which forced many consumers to adopt technology quickly.

Increasingly, more ASEAN consumers are shopping online and migrating other aspects of their lives online - banking, communication, games, and more. You can see how this digital transformation makes Asia the next frontier for all Australian professionals working in tech or finance.

Australia benefits from proximity to these ASEAN countries. Since Australia was colonised, we've had strong trade relations with Indonesia, Vietnam, Malaysia, and the other ASEAN nations. This is a trend that continues to this day. Twelve of Australia's top fifteen trading partner nations are in Asia, accounting for most of Australia's total exported goods.

This represents nearly half of Australia's GDP and employs over 2 million people in trade-related and adjacent fields. Australian companies can leverage existing relationships and goodwill to establish themselves as major players in either the export business or by establishing local operations in ASEAN nations.

Australia has booming technology, agriculture, and professional services sectors. These are mainly emerging sectors in Asian nations that can benefit from Australian professionals' strengths and skill sets.

For instance, tech professionals can bring a unique skill set to bear in the Asian market - cloud infrastructure, networking, cybersecurity, and fin-tech are all extremely valuable skills and experience that can be leveraged for corporations looking to expand into the ASEAN region.

The same applies to agriculture, with Australia having an advanced industry that can leverage data analysis, machine learning, and innovation in farming to support the emerging agriculture sector in the region.

Professional services firms that offer accounting, auditing, consultancy, and business advice can also bring their strengths to the forefront in the region and can support fledgling Asian startups and even government agencies and departments with consultancy and advice.

There are some common challenges and pitfalls for Australian professionals looking to work in the ASEAN region, either remotely or by relocating to another country in the region.

For instance, Indonesia is an overwhelmingly Muslim country, with some regions adopting strict Sharia laws. This can present a unique challenge for an Australian professional who may not be used to these strict laws that govern things like dress codes and the consumption of alcohol.

Other challenges can be cultural barriers preventing cooperation and collaboration amongst Australian workers and locals, and language barriers between Australian and local teams.

Some ASEAN countries also have regulatory bodies and systems that may be unfamiliar to Australian professionals, who may be completely across Australian regulations and legislation but will struggle to navigate those of the target market.

There are some practical ways that Australian professionals can overcome these unique challenges that the ASEAN region represents. For instance, a company could employ a Cultural Consultant who can provide tailored training, support, and mentoring for teams set to work in a particular country or region, educating them about cultural differences, best practices, and any restrictions or behaviours that need addressing.

To address language barriers, Australian professionals could consider learning a new language via an app such as Duolingo or through language classes as a professional development activity. Their companies could sponsor this activity, paying for the app or the language lessons. A multilingual professional is an incredible asset to a corporation looking to establish itself in a country such as Vietnam, Malaysia, or Indonesia.

Finally, to overcome the challenge of local regulations and legislation, relationship-building and management with local experts is the key. If you're a startup founder, consider employing a local consultant who can provide strategic advice on navigating local regulations, laws, and policies. This person could become a key asset for the company's endeavours in the country.

This informative article has discussed why Asia is the next frontier for Australian professionals, entrepreneurs, and corporations. We've explained some of the rationale for why this market is worth tapping into, such as a shift in global economic trends and the region's digital transformation. You've learned how Australians can leverage their unique strengths and learnings and apply them to this developing region, the unique set of challenges and pitfalls that await, and how they can be mitigated.