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NEW figures show the majority of Australian businesses that have expanded into Asia have reported a significant lift in profit, according to ANZ.
The inaugural ANZ Opportunity Asia survey shows 76 per cent of businesses say profit has increased considerably since the move, with 47 per cent reporting revenue from operations in Asia was much higher than domestic income.
Reviewing more than 1000 Australian businesses in August and September found that companies active in Asia believe they're more likely to achieve long-term growth than their domestically-focused counterparts.
The study also shows 38 per cent of small businesses achieved return on investment within 12 months, while 59 per cent of medium-sized and 39 per cent of larger-sized businesses accomplished this within three years.
ANZ corporate and commercial banking managing director Mark Hand says the potential for Australian businesses to develop and flourish in Asia is evident.
"There is clearly a huge opportunity for Australian businesses to grow and prosper by trading with Asia," Hand says.
"We found the biggest misconceptions for those looking to expand into Asia are the process is complex, they don't have capital and they're unsure of short-term viability.
"Successful Australian companies said the key wasn't overcoming cultural or language issues or navigating policy and regulation.
"It came down to good business practices, such as knowing demand, quality products and services and more importantly, having the right partners and support on the ground.
"No doubt there are risks, however the findings of this report demonstrate that not considering the opportunity may be even riskier."
Out of the businesses not operating in Asia surveyed, 88 per cent are considering expansion in the next three years.
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