Singapore and Malaysia will become key centres for Australian export opportunities in the coming decade as the ASEAN free trade agreement with Australia creates opportunies for export and trade.
That’s the findings from a recent report, Export Development Strategies to Malaysia and Singapore, commissioned by the Victorian government. It identifies two key sectors — food and beverage and the information communications technology — as offering excellent opportunities for exporters.
“South East Asia represents a wealth of opportunity for Victorian businesses as countries in this region open their doors to the world economy. The region is an ideal export market businesses due to its close proximity, large populations and expanding middle class,” the Victorian Government Trade Commissioner for South East Asia, Tim Dillon said.
New trade opportunities will begin to emerge in these regions as both Singapore and Malaysia invest heavily in industry development initiatives and local business, according to Dillon.
“Singapore is one of the most successful free market economies in the world and is also a gateway to other Asian markets,” he said. “And Malaysia continues to be a growing export market, with the country undergoing significant economic reform.”
The report highlights a strong demand for high quality food products in Singapore and Malaysia as both countries continue to rely on food imports and expand their food services industries.
“Australian food and beverage products are highly-valued in South East Asia and this market is expected to grow significantly in the coming years,” said Mr Dillon. “In Malaysia, food and beverage opportunities are opening up in a number of areas. Singapore’s market is more mature, but the country’s high reliance on imports represents strong opportunities for Victorian companies.”
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