Home topics news Generated by AI. Image for Asia’s VC landscape News News Why knowledge is critical for Australian businesses entering Asian markets Yajush Gupta May 17, 2024 Australia’s trade relationship with Southeast Asia is flourishing, surpassing established partnerships with the US and EU. However, a new report by Asialink Business, a leader in Asian market expertise, warns that Australian businesses must prioritize understanding the region’s nuances to truly capitalize on this growth. Asialink Business Chief Executive Leigh Howard, one of Australia’s leading voices on international business relations, says there’s been a spike in the number of medium-sized businesses and SMEs seeking on-the-ground knowledge and tailored market entry strategies to expand trade opportunities into the lucrative Asian market. “Asia is the fastest growing region globally, and Australia has a unique economic advantage thanks to our geographic proximity, abundance of natural resources, and education and research credentials, but we need to complement this with knowledge of Asian markets to be able to tap the best commercial outcomes,” Mr Howard says. “There is a growing affluent class across Asia, and those markets continue to steam ahead in terms of their economic progress and development and there’s a lot businesses can do to maximise success in the region,” he says. Mr Howard warns businesses need to be Asia-capable to increase their chances of securing tangible and measurable results. “Without sufficient investment in understanding the markets, the danger is that businesses will achieve substandard outcomes – or no outcomes at all. Being under-prepared and