The Business Council of Australia welcomes Labor’s recommitment today to deeper engagement with Asia and recognition that securing our future prosperity will rely on our ability to deepen our ties to the region.

“Chris Bowen is right, we cannot simply rely on our geographic location to deliver the economic benefits of a growing Asian region,” Business Council chief executive Jennifer Westacott said following Shadow Treasurer Chris Bowen’s address to the Asia Society today.

“A co-ordinated, long-term approach to boosting our engagement with the region is needed. This includes boosting language and cultural skills among students and the business community.

“Australia’s economic growth over the past two decades has been built in part on trade and investment with Asia.

“Previous Coalition and Labor governments have built strong international frameworks for co-operation and communication in the Asian region but the Shadow Treasurer rightly recognises that more needs to be done.

“Now, more than ever, we are engaged in a global contest to attract investment and lifting our competitiveness will be vital.

“A commitment to open investment and trade is welcome but it must also be accompanied by recognition that one of the best ways to attract the investment we need will be through an internationally competitive tax system.”