Government-backed and private-sector led initiative Jobs for NSW, which aims to bolster economic growth and promote job inclusion in New South Wales, is keen on potentially targeting the Chinese and Asian markets to create 150,000 jobs for locals in the next four years.
In a forum titled Born Global: NSW Gazelles tackling the Asian opportunity, Jobs for NSW particularly encouraged gazelles, i.e. small to medium enterprises with a payroll over $750,000, to consider tapping the Asian region for investment opportunities and expansion.
Brad Chan, forum participant and founder of Haymarket HQ, a company that connects Australian startups with Asian businesses, supported the idea, stating that it is indeed an opportune time to penetrate the Asian and Chinese markets as Trump closes America’s doors to other nations.
Chan is particularly bullish about engaging Chinese clients, as consumer spending rises in the region. “There is still a rapidly growing middle class driving consumer spending. The Chinese love shopping,” Chan was quoted as saying by ZDNet. “There are tourists coming to Australia during Chinese New Year and going back home with suitcases filled with Australian consumer goods like milk powder, cosmetics, even pillows and quilts.”
He also enthused about China’s growing middle class’s attitude of patronizing high-quality products. “The Chinese middle class have shown willingness to pay premium for our level of quality,” Chan said in the forum. “We can’t compete on price with China, so our competitive advantage will be the trust in our quality, our brand, and our reputation,” he added. Case in point, he said, is the recent success of Sanitarium’s Weet-Bix low-calorie cereals which sell for AU$50 a pop in China.
Jobs for NSW noted on its website that Asia presents tremendous trade opportunities for Australian businesses due to its growing middle class. According to the not-for-profit group, a minimum of 30% of its $190M funds will be allocated for creating jobs in regional NSW. The firm said that it will dedicate its efforts on startups “operating outside the major cities of Sydney, Newcastle and Wollongong.”
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