Friday, 16 March 2018 11:19

‘Sunrise industries’ to fuel ASEAN regional growth, job creation: report

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Next-generation energy storage, autonomous systems, personal health and ageing have been cast as some of the emerging high-growth industries expected to fuel future regional growth and job creation in Australia and the South East Asian region, according to a newly released report.

The Sunrise Industries report by Data61, CSIRO’s data sciences and technology arm, was launched on Friday at the Association of Southeast Asian Nations Summit in Sydney.

The report identifies seven emerging industries in ASEAN and neighbouring nations, including Australia, which will generate jobs and growth, including:

  • Artificial intelligence and autonomous systems;
  • Financial and regulatory services technology;
  • High-value nutrition;
  • Next-generation energy storage and distribution;
  • Cyber-physical systems security;
  • Personal health and ageing; and
  • Digital infrastructure and connectivity.

Launching the report, Jobs and Innovation Minister Michaelia Cash outlined the opportunities to work with Australia’s ASEAN neighbours to generate new streams of economic growth and employment in Australia and ASEAN.

“Many of the emerging industries identified in the Sunrise Industries report are areas in which Australia already has expertise and a competitive advantage,” she said.

“To increase our innovation capacity we are taking a global outlook. In particular, the forecast high growth in the ASEAN region economy provides a great opportunity for Australia to pursue collaborative research and development with our closest neighbours.”

The government says Australia has strong economic ties with ASEAN member countries and last financial year Australia’s trade with these countries was more than $100 billion.

Trade, Tourism and Investment Minister Steven Ciobo noted the significance of emerging industries to Australia’s future trade and investment relationship with ASEAN.

“Agile, innovative Australian businesses should seize the opportunities presented by the region’s growing digitisation, particularly for services industries.

“Emerging sectors, such as those at the centre of this report, will help drive export growth and create the export jobs of the future.”

The ASEAN region is expected to become the equivalent of the world’s fourth largest economy by 2030 and the government says there’s the potential for enormous economic benefit as Australia helps ASEAN countries make the transition to a digital economy.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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