The Business Council of Australia (BCA) has declared its support for Asian capital investment in a submission to the federal government’s Australia in the Asian century white paper.
In its submission, the peak business body warned inconsistent investment regulations could damage Australia’s engagement with Asia, according to the Australian Financial Review.
The Federal Coalition has been divided over how Australia should respond to increased Asian investment in agriculture and mining.
In the submission, the BCA says: “Australia should be demonstrating to the nations of Asia we are open to increased levels of investment and trade.”
BCA chief executive Jennifer Westacott described Asian economies as dynamic, with new ideas, technologies and processes that offered benefits for Australia.
“If the size and value of our engagement with Asia is to grow, then it will be necessary for governments, business and the academic and research community to increase both the investment and the level of commitment to our bilateral relationships with Asia,” Westacott said, according to the AFR.