Australian businesses have been urged to look toward Asia for future growth opportunities by Insurance Australia Group (IAG) Managing Director and CEO Mike Wilkins.
During his presentation on Australian investment in Asia at an American Chamber Commerce briefing, Wilkins said IAG identifies big potential for growth in the region.
Recently moving to establish its presence within Indonesia following successes within China, India, Thailand, Vietnam and Malaysia, IAG have invested almost $950 million in the region to date.
“We have just acquired a licence to operate in Indonesia through the purchase of a small, local insurer. This is the first step in our plan to enter the Indonesian market,” Wilkins says.
“Through our experience to date, we’ve witnessed first-hand the growing appetite from our Asian associates for Australian investment and capabilities and we encourage other businesses to understand and act on the region’s potential.”
With a growing middle class in Indonesia, as well as a shift in foreign ownership laws in India, Wilkins heralds a surge of business opportunity.
“We remain very excited by Asia, and should further attractive investment opportunities present themselves we would be prepared to expand our presence and investment in the region,” Wilkins says.