A new report on the ASEAN region has identified 7 emerging industries that could open doors for Australian companies wanting to export to new markets.
The ASEAN (Association of Southeast Asia Nations) region is one of the world’s fastest growing and most economically dynamic.
The Sunrise Industries Report by CSIRO’S Data61 team identifies 7 emerging or ‘sunrise’ industries, which are defined as industries arising due to technological, regulatory, economic or social change.
Industries identified are:
- artificial intelligence and autonomous systems
- financial and regulatory services and technology
- high-value nutrition
- energy storage and distribution
- cyber-physical systems security
- ageing populations and growing concerns about personal health
- digital infrastructure and connectivity.
CSIRO Chief Executive Dr Larry Marshall said the ASEAN region was on track to be the world’s fourth largest economy by 2030, and Australia was ideally placed to take advantage of its emerging industries.
‘Each of these opportunities is strongly supported by breakthrough Australian science, giving the potential for enormous economic benefit as we help ASEAN countries make this transition,’ he said.
‘To catalyse Australian innovation we need to think beyond our traditional boundaries and adopt a global vision.’
ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
In 2016–17, Queensland’s merchandise exports to ASEAN were valued at $4.5 billion, up 28% on the previous 12 months.
The Sunrise Industries Report was launched earlier this year at the ASEAN-Australia Special Summit in Sydney.
The summit also included an ASEAN-Australia SME Conference, which brought Australian SMEs together with regional specialists, business leaders and successful exporters.
Expanding Queensland’s trade presence in Singapore and the ASEAN region is one of the initiatives of the Queensland Trade and Investment Strategy 2017–2022.