An ocean of opportunityright000

An ocean of opportunityright000

27 Feb 2023 Sarah Stubbings ANZ Regional Executive, Pacific

ANZ has been in the Pacific for more than 142 years. The region is an important part of ANZs international network and the bank plays a key role helping to position the Pacific region for future growth.

Since starting her role as Regional Executive for the Pacific in August last year, I have been connecting with staff, customers and key stakeholders to learn about the challenges facing the region and opportunities for ANZ to do more.

As borders reopen and tourists return, we are optimistic. Its pleasing to see good credit growth and we have a healthy pipeline of business in most of our markets.

ANZ is a AA- rated bank in the Pacific and we want to be a strategic banking partner to customers whose strategy is in line with our own and who we can help reach their goals.

Over the last six years ANZ has invested $30 million in projects, buildings and systems in the region. They have further contributed with $25 million in annual corporate taxes and $50 million in salaries and wages, which is important national income for economic development.

People and customers

ANZ have a strong competitive position supporting customers driven by trade and capital flows in the region. ANZ want to support customer aspirations and help grow the communities.

ANZ employ more than 1,000 people in the Pacific, broadly half women and half men. Our management roles comprise 55% women and 45% men. In addition, staff have undertaken 22,170 volunteer hours since 2018. ANZ has also donated $1,993,021 since 2018.

Last year, more than 8,000 Pacific Islanders have participated in our flagship financial literacy programs, MoneyMinded and Business Basics, to improve their financial knowledge, skills and confidence. We have done this through 41 community partners.

Other customer initiatives.

All new Visa debit cards issued use a minimum of 70% recycled plastic.

Introduced a toll-free calling, reducing the cost of banking for customers.

Support regional Reserve Bank of Fiji, Reserve Bank of Vanuatu, Central Bank of Samoa, Central Bank of Solomon Islands efforts to make domestic payments faster and easier for customers.

Ensure that ANZ is involved in funding proposals for renewable energy projects to help change that.

Climate commitments

ANZ are committed to playing their part in supporting the transition to net zero emissions by 2050. ANZ want be the leading A in supporting customers' transition to net zero emissions by 2050.

The path ahead

As borders reopen and tourists return, ANZ are optimistic. Its pleasing to see good credit growth and we have a healthy pipeline of business in most of our markets.

According to ANZ latest Fiji Business Survey, business sentiment remains upbeat.

Businesses experienced good trading conditions in the fourth quarter of 2022, with 555 of firms surveyed reporting higher demand during that period. And with international tourism in full flow, expectations of future sales, revenue and profitability look encouraging.

We know the path ahead still has many uncertainties and we will continue to focus on strengthening the bank for the future to ensure it remains relevant and successful over the long term in the Pacific.

Questions:

Why does ANZ have to be innovative with their products in the Pacific?

What role would ANZ play in the broader Islander communities?

(Drawn from ANZ)

Hall Contracting's Impactful Projects inright000 the Pacific Region

Introduction:

Hall Contracting, founded in 1946 by Les Hall in Queensland, Australia, has evolved from a one-man sand and gravel operation into a multi-generational business excelling in civil construction and contract dredging services. This case study explores Hall Contracting's significant contributions to the Pacific region, highlighting their commitment to environmental responsibility and transformative projects.

Generational Success:

Les Hall's inspiring journey, overcoming adversity and building the business from the ground up, laid the foundation for his sons, Brian and Peter, and later his grandson, Cameron, to continue the legacy. Today, with a workforce of 300 dedicated staff, the Hall family maintains the company's core values of integrity and ingenuity.

Environmental Responsibility:

Hall Contracting's commitment to environmentally responsible contracting distinguishes them in their field. Operating under an ISO 14001-accredited Environmental Management System, the company goes beyond mere compliance, emphasizing responsible development while preserving fragile ecosystems.

Tuvalu Coastal Protection Project:

In response to Tuvalu's vulnerability to climate change, especially rising sea levels, Hall Contracting engaged in a comprehensive coastal protection project across three coral atolls. The project included foreshore reclamation, boat harbour construction, and barrier installations, showcasing the company's dedication to sustainable development.

Port Denarau Enhancement, Fiji:

Recognising the economic importance of Port Denarau in Fiji, the government enlisted Hall Contracting to deepen and widen the approach channel. The successful dredging project, utilising the cutter suction dredge 'Kikilu', facilitated direct access for large super yachts and enhanced navigational accessibility, benefitting the local economy and tourism sector.

Motukea Container Terminal, Papua New Guinea:

Having previously completed Stage 1 in 2005, Hall Contracting returned in 2016 to undertake a significant dredging and reclamation project for the Motukea Container Terminal. Dredging 1.3 million m3 of coral rock, hard clay, and sand, the company played a pivotal role in expanding Papua New Guinea's maritime infrastructure.

Nadi River Flood Mitigation, Fiji:

Addressing annual flooding issues in the Nadi River, Hall Contracting (Fiji) executed a comprehensive dredging program from 2008 to 2010. Removing 1.2 million cubic meters of sediment, the project not only improved flood flow conveyance but also involved local Fijian operators, contributing to skill development and fostering community involvement.

Hall Contracting's exemplary projects in the Pacific region showcase their unwavering commitment to environmental stewardship, sustainable development, and community engagement. As a case study, their transformative initiatives illustrate the intersection of business acumen, environmental responsibility, and societal impact.

Hall Contractings ability to successfully manage environmentally sensitive projects has resulted in the receipt of the following awards:

2014

Queensland State Finalist

CCF Earth Awards 2013

Finalist

Healthy Waterways Award 2013

Excellence Merit Award

International Erosion Control Association

2012

Queensland State Finalist

CCF Earth Award 2010

Queensland Winner

CCF Earth Award 2009

Queensland State Finalist

CCF Earth Award

Questions:

1. How has Hall Contracting's multi-generational approach to leadership and business continuity contributed to the multi-sector and multi-country success and evolution of the company?

2. How have Australia's historical, economic, and diplomatic relationships with Pacific Island nations evolved over time, and what key factors contribute to the current dynamics between Australia and the countries in the Pacific region, especially considering environmental challenges and economic development initiatives?

(Drawn from Hall Contracting)

Case Study: Unlocking Opportunities in Asia's Dynamic Business Landscape right000

Acclime helps corporate and private clients seamlessly advance their businesses & interests indifficult-to-navigate markets inAsia and acrosstheregion.

If you want to do business in Asia, you will need an expert.

We know how to navigate the complexities and challenges of the regional regulatory environment to make your Asia expansion fully compliant & seamless. Our years of in-market experience and in-depth knowledge can help you avoid pitfalls and make progress faster.

Over the last seven decades, Asia has undergone a remarkable economic transformation, emerging as a powerhouse for innovation, competitiveness, and rapid growth. Asia is also the worlds largest economic region, accounting for around 40% of global output. More significantly, Asia is projected to account for 70% of global post-pandemic economic growth,according to a 2023 report by the International Monetary Fund. This far outpaces Asias Western counterparts. This case study explores the factors that contribute to Asia's economic prominence, that makes the continent a compelling destination for international business expansion.

1. Spectacular Economic Growth:

The economic ascent of Asia, marked by rapid development, innovation, and competitiveness, has been nothing short of spectacular. Commencing with the "Japanese economic miracle" in the 1950s, followed by the rise of the Four Asian Tigers, and currently led by economic powerhouses like China and India, Asia has consistently outpaced other regions in terms of wealth accumulation. The prediction of a shifting world order underscores Asia's potential to become a global leader in economic governance.

2. Large and Growing Consumer Markets:

Asia boasts vast consumer markets, driven by its massive populations and decades of development. More than half of the world's consumers reside in Asia, offering a compelling proposition for international businesses. The World Economic Forum predicts that Indonesia and the Philippines will add over 100 million new consumers to the global economy by 2030. The trend is complemented by Asian consumers' curiosity about foreign products, presenting lucrative opportunities for global companies.

3. Business-Friendly Environments:

Asia, particularly countries like Singapore, Hong Kong, and Malaysia, offers a conducive environment for foreign investors. These nations provide low corporate tax rates, comprehensive double tax treaty networks, sensible employment law regimes, and robust intellectual property protection. Notably, Singapore and Hong Kong stand out as business hubs with efficient business registration processes, making them attractive choices for international corporations.

4. Hub for Start-ups:

Asia's tech start-up scene has experienced substantial growth, with cities like Singapore and Ho Chi Minh City vying to become the next Silicon Valley. Government initiatives, such as Singapore's Start-up SG, provide financial support, mentorship, and infrastructure to nurture entrepreneurship. Vietnam, with its youthful demographic, has actively promoted its tech industry through legislative measures and various programs, resulting in a thriving start-up ecosystem.

5. Rising Tourism Industry:

Asia's booming tourism industry, characterized by well-developed infrastructure and diverse destinations, has become a significant driver of business expansion. Despite challenges in 2020, the sector has rebounded strongly, with positive indicators for 2024. The region's reputation as a preferred destination for global travellers has contributed significantly to local economies.

6. Tax Incentives and Special Economic Zones:

Governments across Asia have implemented creative incentives to attract businesses, including tax holidays, special economic zones, and infrastructure development. Examples include tax breaks for car manufacturers in Thailand, incentives for oil refining and chemical manufacturers in Singapore, and reductions in tax rates for businesses in Vietnam's special economic zones. Dedicated government bodies oversee these incentives, providing guidance for efficient navigation.

7. Trade Partnerships:

Asia's participation in multilateral treaties, such as the ASEAN trading block and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), facilitates seamless trade and investment. These agreements reduce or eliminate tariff and non-tariff barriers, creating opportunities for businesses across signatory countries. The trade-friendly environment enhances the attractiveness of Asia as a strategic expansion destination.

Questions:

1. How do the business-friendly environments in Asian countries, such as Singapore, Hong Kong, and Malaysia, contribute to creating an attractive ecosystem for foreign investors? Provide specific examples of policies and practices that support this assertion.

2. Explore the role of government initiatives in fostering start-up ecosystems in Asia, with a focus on Singapore's Start-up SG and Vietnam's legislative measures. How do these programs impact the growth and success of start-ups in these respective countries, and what lessons can other nations draw from their experiences?

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(Drawn from IMF & Acclime)

Indigiearth: Growing Australias First Nations Agrifood Exports

12558091138804Demand for native foods has been growing over the past decade but has risen substantially since the pandemic.

00Demand for native foods has been growing over the past decade but has risen substantially since the pandemic.

Indigiearth is an award-winning, 100 per cent Indigenous-owned and established business, headquartered in Mudgee, New South Wales. Founded and led by Ngemba Weilan woman, Sharon Winsor, the company sells premium bush foods made from authentic Australian native products that are ethically sourced and sustainably harvested.

Since its establishment in 2012 with 25 bush food products, Indigiearth now offers more than 200 products, including native foods, candles, diffusers and a range of all-natural skincare products. They also offer services, such as bush tucker catering, masterclasses, cooking demonstrations, cultural education and public engagements.

Indigiearth sources native Australian ingredients from First Nations communities using traditional land management practices. Aboriginal growers provide their produce for me to create the products, so its helping the wider Aboriginal community it really goes a long way, explained Ms Winsor.

Premium quality native foods are on-trend in Australia and internationally, with demand increasing from chefs and restaurants looking for an edge. She said the Indigiearth brand is as strong as it has ever been and is excited to continue growing her business around Australia and into the region.

1413980655789Big companies pay communities $10 or $20 a kilo for ingredients, and then these same companies take the produce back to the city and sell the ingredients for $280-$300 per kilo00Big companies pay communities $10 or $20 a kilo for ingredients, and then these same companies take the produce back to the city and sell the ingredients for $280-$300 per kiloAdded to Boost Juice menu for six weeks, Indigiearth products will be used in new offerings - strawberry gum, finger lime, and Davidson plum.

But the industry is not without problems. There is reluctance by community to commercialise their traditional knowledge as there was a lack of trust in the food industry, Big companies had often gone into indigenous communities to learn from traditional owners but not paid their respects and not properly paid for the ingredient harvested. *

INCLUDEPICTURE "https://nit.com.au/storage/photos/266/DSC_2393-1.jpg" * MERGEFORMATINET

Awards:

2023 It Is Delicious Harvey Norman Produce Awards Outstanding Native Producer

2013 NSW Business Leader of the Year Winner and First Aboriginal recipient

2013 NSW Central West Business Leader Awards Winner

2010 AIMSC Supplier Diversity Award Winner for work with Marriott Hotels

2009 Gnunkai Indigenous Tourism Award Finalist

2007 Gnunkai indigenous Tourism Award Finalist

Questions:

Should there be organisations dedicated to the promotion and protection of indigenous food sovereignty?

The United Nations Declaration on the Rights of Indigenous Peoples (September 2007) is a comprehensive statement that includes in its preamble: Indigenous Peoples possess collective rights which are indispensable for their existence, well-being and integral development as peoples. The right to food is one such indispensable right. What responsibilities does this bring to the transaction of selling, and buying, indigenous foods?

Task:

In small groups discuss the kinds of issues Ms Winsor might have to consider when planning to develop an overseas business presence. What are some of the things she might consider doing to introduce First Nations produce into countries in the Asian and The Pacific region?

Websites:

Indigiearth - https://indigiearth.com.auIndigiearth Reviews: https://indigiearth.com.au/warakirri-reviews/

Partnership with Boostjuice: https://nit.com.au/13-04-2023/5581/native-smoothies-on-the-menu-as-boost-juice-partners-with-indigiearth

Indigineous produces needed: https://www.abc.net.au/news/rural/2022-08-12/nsw-native-bush-foods-indigenous-rising-demand/101323728?utm_campaign=newsweb-article-new-share-null&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web

*Original CS in Moore, N. (2023), Invested: Australias SEA Economic Strategy to 2040, Government of Australia. p.48.

Case Study: The Impact of Celebrity Endorsement on Branding in Asia, Australia, and the Pacific right000

Introduction:

In the realm of advertising and branding, the use of celebrity endorsements has become a powerful tool to shape consumer perceptions and enhance brand recognition. This case study delves into the cultural aspects and impacts of celebrity endorsements, exploring examples from Asia, Australia, and the Pacific.

Cultural Significance in Branding:

Brands often seek to convey a distinctive cultural message through advertising. For instance, global giants like Pepsi and McDonald's communicate specific cultural aspects associated with the United States, emphasising individual freedom, personal empowerment, and enjoyment. The creation of brand identity is closely tied to product design in this process. Mongchin Yeoh in Singapore is a very influential lifestyle blogger and You Tuber with over 295,000 followers. She started promoting herself in her Singaporean world while attaining a BA in Accounting. Her engagement, marriage and subsequent baby, have all been fodder for her Social Media and so needs to be culturally relevant. She has regional and international sponsors that also recognise the importance of finding the local culture that is important to their customers.

Evolution of Celebrity Endorsement:

Celebrity endorsement, as a communication strategy, has evolved over the years. Originating in the 18th century, it witnessed a surge in the 1950s with the rise of radio and television. Celebrity endorsers, individuals with public recognition, are considered credible and trustworthy sources of information, thereby increasing consumer willingness to accept advertised messages. In Papua New Guinea (PNG) and Fiji, two of the regions largest countries by population, young people aged 12-30 (PNG) and 15-35 (Fiji) make up 62% and 53% of total Internet users, respectively, which motivates high use of digital endorsement. Social media is now used by young and old to keep up with family, friends, community and culture, and as a source of Pacific news.

Impact on Businesses:

Celebrity endorsement proves particularly beneficial to businesses by boosting brand recognition and sales. International celebrities with global recognition are often chosen by multinational companies, exemplified by Nespresso's association with George Clooney. BTS collaborated with McDonalds and The BTS Meal became globally available in nearly fifty countries around the globe, including the U.S. For the first time in about 67 years, the American franchise changed its signature colours for the product packaging from red and yellow to the groups iconic purple colour that symbolizes ARMY. Sales increase by over 40%.

Regional Variances:

The influence of celebrity endorsements varies across regions. In East Asian countries, such endorsements constitute a substantial 60% of all advertising. Effective endorsements hinge on the alignment between consumer attitudes towards the celebrity and the brand. Roger Federer's promotion of Lindt chocolates demonstrates how a celebrity's popularity can enhance the perceived value of unrelated products. After BTS member, Jungkook, introduced his go-to Kombucha during a broadcast, the companys monthly supply was sold out in just three days. After two weeks, overseas sales of the product skyrocketed by over 800 percent and its sales in China increased by 1,800%.

Role in Cultural Industries:

The cosmetic industry, known for its use of celebrity endorsements, illustrates how cultural factors play a pivotal role. Cosmetic companies often leverage both local and international celebrities to endorse their products. South Korean singer, Yoona, endorsed and significantly contributed to the revenue increase of Innisfree, emphasising the cultural impact of celebrity endorsements in the cosmetic sector. After her contract ended in 2020, follower protested Innisfrees decision. While Innisfree still maintains association with local K-Pop star, they have also broadened their online image to attract an international clientele.

Strategies in Branding:

The strategies employed in celebrity endorsements include creating awareness, emphasizing cultural characteristics, and projecting positive qualities of the celebrity onto the brand. For example, Deepika Padukone's endorsement of Garnier in India reinforces the brand's connection to nature and community, creating consumer aspirations aligned with cultural values.

Conclusion:

Celebrity endorsement emerges as a potent tool in the realm of advertising, influencing consumer perceptions and shaping brand identities. In Australia, Lauren Curtis, beauty, travel and fashion influencer, has 1.9+Million Facebook and 3.34 million subscribers to her You Tube channel followers. She clearly knows and understands the relationship between cultural identity and association that can be exploited for branding. Understanding the cultural nuances associated with celebrity endorsements is crucial for businesses seeking to navigate diverse markets in Asia, Australia, and the Pacific. As the digital era amplifies the reach of such endorsements, their impact continues to be a dynamic force in the ever-evolving landscape of advertising and branding.

Questions

How does the use of regional influencers, such as Mongchin Yeoh in Singapore or Lauren Curtis in Australia, contribute to the cultural resonance and effectiveness of celebrity endorsements in shaping consumer perceptions within their respective markets?

In the case of BTS's collaboration with McDonald's and the subsequent colour change in packaging to incorporate the group's iconic purple, how does this strategic alignment with cultural symbolism enhance the impact of celebrity endorsements on consumer behaviour and brand recognition in diverse global markets?