The local manufacturing industry has been warned that they can expect a firm post-GFC resurgence in production from traditional regions like Europe and the USA.
In a statement warning Australian manufacturers of this threat, Managing Director of Philmac Chris Stathy believes that Europe and America are well and truly on the rebound.
“They are battle hardened, hungrier than ever and looking to expand.
“They have excess capacity to work with and will become increasingly aggressive in the global market place, competing directly with Australian manufacturers.
“It would be a big mistake to discount countries like Germany, Italy, Spain and America which retain a technically advanced and efficient manufacturing base.”
If Australia is to remain a regional powerhouse, it must adopt a similar efficiency to that of it’s northern counterparts.
Innovation, increased productivity, streamlined costs as well as perpetually improving customer service are integral to competing in this new economic climate.
Beyond this, Mr. Stathy believes that manufacturers must not be afraid of investment, and be prepared to capitalise on opportunities in order to maintain a competative edge.
“A level of investment is required for any firm to become more globally competitive and allow it to respond even more quickly to customer demand and yet better manage working capital.”