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Interview: Australia needs to make most of economic opportunities with China: Blackmores CEO

Xinhua, May 2, 2017 Adjust font size:

Australia needs to make the most of economic opportunities with China, the chief executive officer of Blackmores said on Tuesday, noting that developing strong economic partnership between the two nations is vital for Australia's long term success.

Christine Holgate made the remarks in an interview with Xinhua. She said one of the key ways Australia can capitalise on the booming relationship with China is through embracing China-proposed Belt and Road initiative.

Blackmores is Australia's leading natural health company.

Proposed by China in 2013, the Belt and Road initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road.

Holgate called on Australia to actively engage with countries along the Belt and Road routes.

"The route from China down to Australia is really down through ASEAN (the Association of Southeast Asian Nations), and we at Blackmores already have strong relationships with many of the countries that China does also," she said.

"China is one of the biggest foreign direct investors in a lot of the ASEAN countries, including Thailand, Indonesia, and others, and they are all countries that Blackmores is pursuing growth with," she added.

Embracing the growing desire for Chinese tourists to visit Australia, in the China-Australia Year of Tourism 2017 which was officially launched in Sydney in Feb., is also crucial, according to Holgate.

"Now experts believe that 1 percent of Chinese tourists that come in adds 5 billion dollars to our economy, but they also believe that the 5 billion has a multiplier effect," Holgate said.

Holgate believed that this is a "massive opportunity" that Australia needs to capitalise on, but was adamant that tourism was not the only way in which the influx of Chinese people into Australia could lead to mutually beneficial outcomes for both sides.

"We have an incredible diaspora of Chinese people in Australia. We have some of the most amazing, young Chinese students at our universities. Let's help those students get really meaningful work experiences in our businesses," she said.

Holgate had a clear message to share with Australian businesses who think it may be difficult to enter into business with China.

"The reality is ... just because our countries are different, we look different, our language is different, we have a lot more similarities," she said.

"So let's embrace that diaspora, let's embrace these students, and we have this incredible army of people right on our doorstep to help us and help us adapt."

Aside from the obvious benefits on the financial side of doing business with China, Holgate said that her own company, Blackmores, has taken lessons from China in the way they advance their own natural health solutions.

"I think we have a lot to learn from Chinese society about the use of herbs in medicine, which can help us be more successful for our customers, and consumers here in Australia," Holgate said. Endit