'Concerning': Australian business leaders still lack skills to compete in Asia

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More than 90 per cent of board directors and senior executives at Australia's top 200 companies lack the skills needed to compete in the lucrative Asian markets set to dominate the nation's economic future

More than 90 per cent of board directors and senior executives at Australia's top 200 companies lack the skills needed to compete in the lucrative Asian markets set to dominate the nation's economic future.argues that the ability of directors and management teams to successfully navigate Asian markets will grow increasingly critical as Australia shifts from primarily exporting resources to exporting services.

The report found that larger Australian companies that are internationally diversified create more value for shareholders than companies that are domestically focused. Seven of Australia’s top ten trading partners are now Asian countries, but there is still a lack of cultural awareness towards the region on boards and in executive teams.

It points to Australian researchers working on a vaccine for the virus with their Asian, European and US counterparts, the growth of e-commerce, the need to diversify markets beyond China and the need to learn from Asian multinationals, technology companies and universities. “As Asian markets recover from the COVID-19 pandemic, business leadership that understands the need to build knowledge and skills relevant to operating in Asian markets is more urgently needed than ever.

 

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