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 (ASEAN) Summit being staged 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
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- High value nutrition
- Next generation energy storage and distribution
- Cyber-physical systems security
- Personal health and ageing
- Digital infrastructure and connectivity
Launching the report on Friday, the Minister for Jobs and Innovation, 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,” the Minister 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 amounted to over $100 billion.
Minister for Trade, Tourism and Investment, 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 Federal Government says there’s the potential for enormous economic benefit as Australia helps ASEAN countries make the transition to a digital economy.