India among Top 10 Global Markets for Australian Biz
MELBOURNE: India has figured among the top 10 markets for the international business community here, according to Australia’s International Business Survey. India has also emerged as the most challenging of the top 10 countries to do business with. AIBS 2014, a comprehensive study of Australian companies involved in international business, was released recently.
It found that India ranked as the ninth important market currently. The country was also seen as the third important future market, with respondents saying they were planning on doing business in/within the next two years. The survey captured data from more than 1,600 Australian businesses, reflecting the opinions of a wide range of firms from diverse industries operating in over 120 markets.
It was commissioned by Export Council of Australia with the support of Austrade and Export Finance and Insurance Corporation, and conducted by University of Sydney between October and December last year. To the query of the most important overseas markets, the respondents disclosed that they were targeting a wide range of countries and overall nominated 81 countries as important future markets.
“China and the U.S. continue to be front and centre. More companies (19 percent) identify China as their top target market than any other country,” the survey said. “The U.S. (chosen by about 15 percent), India (six percent) and the UK and Indonesia (five percent each) make up the remainder of the top five most important future target markets,” the study noted. The survey found that the most important market for international business for the participants varied by the industry. Education and Training industry stood as the most important market for Australian international business community when it came to India.