Asian Century initiatives bonus for business events

The Business Events Council of Australia has welcomed the government’s Asian Century White Paper as an “encouraging” step which will help events businesses to tap into the potential of the Asian market.

The Australia in the Asian Century White Paper, released this week, includes a series of interventions to position Australia as a key player amid the rise of Asia.

Small to medium businesses are central to the recommendations, with Australian businesses to receive extra support to help them to compete in Asia. Red tape and regulatory frameworks will also be improved to ensure Australian businesses can “take advantage of the opportunities of the Asian century”.

With Asia representing a key focus for the Australian business events industry, BECA executive manager Inge Garofani expects the changes will help smaller events companies to embrace the potential of Asia.

“Many people in the business of events are starting to think about how Asia can relate to their business, but this will provide the tools and resources needed to make them step in the right direction,” she told The Nibbler. “It will focus people’s minds on Asia and encourage them to take action.”

Noting that many PCOs are reluctant to step into the Asia market because of cost and structural limitations, Garofani said the changes will make it possible for some businesses to take the next step.

It will also help them to move away from the once-strong markets of Europe and America and connect with the burgeoning Asia market.

“We have to stop thinking about Europe and America because those markets have died off,” she said. “Companies who don’t embrace Asia could die off if they don’t pick up the opportunity.”

Garofani said corporate event businesses would see the greatest advantages while the association market continues to develop in Asia, but conceded that Australia’s business events sector would ultimately benefit as a whole.