Home topics news Generated by AI. Image for Asia’s VC landscape News News Untapped potential for Australian businesses in Asia Yajush Gupta September 10, 2024 As Australian businesses face challenges from a sluggish domestic economy, the advice is to tap into thriving export markets in Asia. “We are seeing a continued surge in consumer spending power across Asia thanks to the rapidly rising middle class – the growth potential is staggering,” says Asialink Business CEO Leigh Howard. “With the right insights and strategies, Australian businesses can make informed decisions and capitalise on these opportunities by tapping into our region’s dynamic economic future,” he adds. Mr Howard shares five tips for doing business in Asia: Understand the Relationships: Cultural intelligence is key to effective communication and building trust. While virtual modes of engagement increase, core cultural values remain an important factor in international business. Not understanding this can lead to missed opportunities, delays and lost engagements. Secure Strong Connections: Strong relationships with suppliers, distributors, clients, and other stakeholders are fundamental. The strength of business relationships can determine the ability to gain credit, procurement, and contracting. Understand what makes the market unique: Understand the distinct business culture and landscape. As individual markets grow, their preferences become increasingly distinct. Be Local : Customise your products to match local needs and preferences. Positioning, labelling, and market channels matter. Risk & Return : Doing business overseas involves a range of new risks from economic, political and regulatory, but lucrative returns are on offer. Do your