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by Rob Findlay
A recent survey showed that the US, after decades of holding down the number one spot, has slipped to second on the list countries as the best place to invest. And who took over the number one spot? Japan, the UK maybe, or even one of the EU nations? The country in the number one spot was China, part of a new breed of economies on the rise in a region tipped to expand dramtically over the next decade or so.
The rise of the Asian 'Tiger' economies is not a new concept. Much like the market forces of peaks and troughs, the Asian economies (which by the way does not include Australia) have a history of becoming the new fashion in investment. Western companies were initially keen, then ran into the problems that the local customs and culture presented them. But this was before the Global Villlage phenomenon really took hold, and every country saw that it's potential export market was not just it's neighbours, but anyone it could sell itself too.
Even countries like communist China and Russia have recognised this, and welcome foreign - read western - investment (within exceptions; Google's recent problems in China are an example). Now western capital is pouring into countries like China, and into more solid investments such as infrastructure and public works. It's a good sign that the global economy is changing the geographical, political and cultural landscape of China and others.
Much like the empires that have preceeded it, the dominance of the US is sure to be diluted in the coming years. Recent events like September 11 and the ensuing ineffectiveness of the 'War on Terror' has lead experts to predict the end of the American hegemony, and looking to China as the new, up-and-coming superpower. The prediction of the dominance of the Chinese language on the internet in the next decade or so is a testament to people power in the region.
What does this have to do with design? As direct neighbours and suppliers to Asian economies, Australia will have a major role to play in this expansionary stage. Australia's competitive currency and export quality is a major drawcard. The recent announcement of our largest Gas deal with China is the first in a long chain of a potentially fruitful relationship.
As western companies begin to infiltrate the Asian markets with greater impact, designers and brand managers that have both a western background and an Asian perspective will become crucial participants in how these companies speak to their new customers. Companies like Fosters and NewsCorp have been entrenched in Asia for years, with a large section of their operations and revenue coming from this sector.
Agencies themselves must also see it as an opportunity to expand into fantastic design markets such as Tokyo, Singapore and Hong Kong. Opening an outpost in East Asia is surely a stepping stone into the huge Asian market.
A great deal of research must be done to understand how Asian cultures behave and consume, but the modern brand manager must create a strategy that is both sensitive to the local markets particular nuances, and meet the aggressive targets of the modern day multinational corporation.
It's time for Australia to not only look to the US, but to embrace the Asian markets as the Next Big Thing.
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Republished with the permission of the author.
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