Do business across Asia Pacific with these tips and insights

1. Foster local relationships
• Build relationships at all levels and more importantly, personally meet with your business associates as business relationships can evolve into social relationships.
• Your local relationships and networks will give you invaluable insights to succeed.
• Get to know your associates over a business lunch or dinner. As a courtesy, taste all the dishes you are offered. Avoid commenting on politics or religion however you can discuss their style of cuisine, sports or places to visit.

2. Connect with the right advisors early
• Build a network of people around you that understand your market including Government officials, Lawyers, Taxation Agents, Accountants and industry bodies.
• Leverage your Australian networks including Austrade, Australian Chamber of Commerce, EFIC and State Government Offices.

3. Research and planning
• Business contacts in Asia are mostly referrals and it is important to carefully choose business partners that will contribute to your long term success.
• Understand your product or service’s competitive advantage.
• Maintain focus on your business strategy to avoid being distracted or overwhelmed by the sheer size of the opportunity.
• Choose a banking partner that will meet your needs from the beginning – ANZ has experts in all of the key Asia Pacific markets and can facilitate connections for you.

4. Asia is a diverse market
• Every market in Asia is unique and you will benefit from learning about their culture and expectations.
• Wherever possible, try to learn the local language to assist you with your business activities. Taking the initiative to speak the local language will be reciprocated with a positive response.
• Employ a competent and reputable local translator to ensure clear communication is achieved to build trusting and respectful relationships.

5. Be patient, resilient and persevere
• Allow time for securing documentation and approvals.
• Approach all matters with patience and understanding.
• Develop a long term plan as getting started in a foreign country is time consuming and take significant resources.

6. Business etiquette
• Always be punctual to your meetings and dress in business attire.
• Formality is a sign of respect. Clarify how you will address someone very early in a relationship. It is traditionally acceptable to address people by their surname, together with their designated title, such as “Mr Tran” or “Chairman Li.”
• Present and receive business cards using both hands with the writing facing the recipient. Business cards should have one side in the local language and be exchanged individually.
• Gift giving is a common custom and an ideal business gift can be something representative of your town or country. Remember to present the gift with both hands as a sign of respect.

Relationships, networks and on the ground knowledge are critical to your success in Asia. To access Asia Pacific with ANZ, call their Asia Pacific Desk on 0403 017 439 or visit www.anz.com/inasia

Australia in the Asian Century

I was reading with interest the article written by Michelle Grattan in the Sydney Morning Herald on the  28th September regarding  Asian Century opportunities that could be lost to Australia. I had to agree that Ms Grattan raises some very sound issues in her comments,  particularly given the current role of Asia today in the world economy as well as the role that Asia will play into the future as Australia’s key trade partner.

However, I had to admit that were two or three things that the column and the Governments dialogue seem to miss on this idea of “Australia in the Asian Century” and they relate to the realities of business and an understanding of the business perspective. My first observations was the constant reference to Asia in the article as though it was one country, like Australia or America. Asia is not one country and cannot simply be thought of as one market. Asia is made up of enormously diverse countries with different cultures, history, languages and broad ranges of  business cultures, which itself raises the second point.

Yes, language is an issue and nobody would argue with that,  however from a trade viewpoint the most important issue is the actual understanding of the business culture. For example, having lived and worked in various Asian countries, it is important to really understand how people think in terms of business negotiation. Every single market will think differently to us,  react differently to us and often have an entirely different way of measuring success and it varies from country to country. Disciplined and more often than not successful Australian business people understand this and know how to work within what can be a complex business environment.

My final observation from the article, was the fixation with China. China, is not the only card in the pack. Indonesia, Vietnam and Malaysia and others are fertile market opportunities for Australian business, so please while China is a major trading partner of Australia it is not the only Asian market offering market opportunities for Australia. 

The last point I would like to make is  on the education industry. One major competitive advantage  Australia has is having so many key decision makers in Asian countries exposed to our way of doing business through being educated here. Every effort needs to be made to ensure this continues as the benefits are equally beneficial.

Ian Murray
Executive Director
Export Council of Australia