CBA helps SMEs to tap into Asian growth opportunities
Commonwealth Bank has collaborated with Asialink Business to provide small businesses with an online service that will help them self-assess whether they are ready to grow in Asia.
“We know most businesses are aware of the opportunities that Asia presents but many are unsure as to how to enter and thrive in these highly competitive environments,” CBA head of Asian business banking Jonathan Yeung said.
“Through our partnership with Asialink Business, we are excited to be launching Growing with Asia and providing Australia’s small and medium businesses with the knowledge and support they need to develop the capabilities required to capitalise on these opportunities,” he said.
As widely acknowledged, Yeung said SMES are “truly the engine room of the Australian economy,” employing more than 7 million Australians and contributing to more than 56 per cent of Australia’s GDP.
“However, while many of these businesses are growing or looking to expand, just 13 per cent are exporting to markets outside of Australia,” he said.
The online service will include information on how SMEs can develop and success in the region including ‘on-the-ground’ practical experience.
A second phase of the research is in the pipeline and is expected to be released mid-year, will provide a detailed scorecard on Australian business performance, and recommendations on how small and medium businesses can better compete and achieve growth in Asia.