Trade Minister urges Australian companies to tap into South-East Asia's growing prosperity

FILE PHOTO: Shoppers at Harvey Norman's Mid Valley KL flagship store. Don Farrell is encouraging Australian companies to expand into South-East Asia to take advantage of the growing prosperity in the region. —ONG SOON HIN/The Star

CANBERRA: Australian trade minister Don Farrell has urged local companies to take advantage of the economic opportunities offered by growing prosperity in South-East Asia, reported Xinhua.

Farrell told Australian Broadcasting Corporation (ABC) television on Tuesday (Oct 28) that his focus is on getting Australian companies into South-East Asia to take advantage of the growing prosperity in the region.

He said that Australia has numerous advantages in dealing with South-East Asian nations, including proximity, a reliable route for supply chains and existing person-to-person links.

"In the past we just haven't done enough with those," he said. "If you're an outward-facing Australian business, then your profits are likely to be higher, but also the wages of your staff are likely to be higher. So there's great opportunities there to take advantage of this improving prosperity."

Farrell's comments coincided with Australian Prime Minister Anthony Albanese's week-long visits to Malaysia for the Asean summit and related summits and to South Korea for the APEC Economic Leaders' Meeting.

The Australian trade minister said that Albanese is using his attendance at the meetings to build on Australia's existing trade links in South-East Asia. - Bernama/Xinhua