Strategic Focus on Emerging Markets Vital to Our Future

The Business Council of Australia has strongly supported the reforms to Austrade announced today by the Minister for Trade, Craig Emerson.

Chairman of the BCA’s Global Engagement Task Force and CEO of Corrs Chambers Westgarth John Denton said a strategic focus on emerging and rapidly growing markets was vital if Australia was to make the most of new international trade and investment opportunities over the next decade and beyond.

“There is the potential for significant new investments to be made by Australian businesses in fast growing and emerging markets, but this can be deterred when there are unfamiliar governments and regulatory systems,” Mr Denton said.

“The need for market knowledge and information about dealing with governments is a major barrier to doing business in places such as Asia, Africa and Latin America.

“In the BCA’s submission to the 2008 review of trade policy settings, the BCA recommended the allocation of increased resources to enable the development of Australia’s commercial interests in emerging regions.

“The services of Austrade will be valuable in helping Australian businesses navigate these regions which contain the fastest growing economies in the world.

“At the same time, Austrade will be taking the important step of opening up access to its resources online, which will make market advice and expertise more accessible to more businesses.

“Through increased investment in emerging markets, Australian businesses can build wider opportunities for trade and commercial engagement over the medium to long term,” Mr Denton said.