Asian economic turbulence - an opportunity and a threat for Australian firms
22 Oct 2013
Many Australian companies are heavily exposed to adjustments in the Chinese and Indian economies but few have a strategy for surviving them, according to the University of Sydney Business School. Analysts have cut this year's growth forecasts for both China and India citing a downturn in global demand for their products and structural changes.
"Over the past two decades, the world has witnessed phenomenal economic growth in China and India and this has driven Australia's resources boom", said Associate Professor Vikas Kumar of the Business School's Emerging Market Internationalization Research Group (EMIRG)."However, in recent years their growth rate has slowed and their reliance on Australia's resource sector is subsiding."
According to the EMIRG, adjustments in China and India "constitute both an opportunity and threat for Australian companies". "Australian companies need to innovate and develop new strategies to grow and compete against many other countries eager to benefit from the Asian century," said Professor Hans Hendrischke of the Australia China Business Network.
EMIRG studies the strategies of emerging market firms as well as those of western companies operating in emerging markets.
On November 1, 2013 EMIRG in Association with the Business School's Australia China Business Network, will host a workshop titled 'Emerging Market Turbulence; Implications for Australian Organisations' with the aim of assisting companies exposed to changes in the Indian and Chinese economies.
Participants will include Jane Lu (Prof. of Asian Business and Economics, Melbourne), Carlton Taya (Group Managing Director, Syncordia Group Holding), and Tim Murray (Co-founder, Managing Partner, J Capital Research).
To be held at the University of Sydney Business School's CBD Campus, 17th floor, 133 Castlereagh Street, Sydney, the three hour workshop will begin at 9.30 AM on Friday 1st November.