The internationalization of Emerging Markets through inward and outward foreign direct investment (FDI) has become a key research agenda in the context of world's economic centre shifting from the developed to the emerging markets. China, India and Brazil, three of the biggest emerging markets together are expected to account for over half of global business activity by 2050. In fact one of the biggest priorities of the Australian Trade Commission (AUSTRADE) for 2010-11 comprises "Deepening Australia's engagement in priority markets including China and India and free trade agreement markets such as the Association of South-East Asian Nations (ASEAN), as well as developing links in emerging markets". This is testament of the growing role in world economic activity of emerging markets, particularly China and India. The central constituents of this phenomenon are firms based in emerging markets that over the last decade or so have been engaged in rapid inward and outward internationalization. EMIRG at the University of Sydney is a group devoted to the study of inward and outward FDI to and from emerging markets for research, training and outreach purposes.
EMIRG's aim is to become the centre of excellence in Australia in the specialized area of Emerging Market Internationalization. This is an area which has grown in prominence rapidly in the broader international business and strategy domains. Not only do we witness the rise of emerging markets in business magazines such as the Economist (October, 2010) but also in special editions of academic journals with high impact in their respective disciplinary areas (JIBS, 2007; 2010; MIR, 2009; JMS, 2005; JIM, 2007; CGIR, 2009; ICC, 2009). EMIRG with expertise in emerging market internationalization will serve as the focal point of contact for Australian businesses currently doing business or interested in making an entry into emerging markets, as well as for emerging market firms that have an interest in the Australian marketplace.