Australia losing ground with food exports to China
As Australian food exports as a whole continue to grow, this overall increase has hidden the sharp decline the food sector has experienced in the market share in China. The Australian Food and Grocery Council has measured food imports across the region for a span of 20 years, and their analysis shows China’s food imports from Australia have halved, to 3.3 percent.
Gary Dawson, the chief executive of the council claims that the lost ground is due to competitors being more aggressive and better organised. France, Indonesia and New Zealand have a much bigger hold on the Chinese market, and continue to grow. Brazil is also beating Australia in this sector, through better infrastructure development. Australia’s food exports to Malaysia have fallen as well, to about 6 percent; over the same period, Indonesia has increased their share from 8 to 28 percent within Malaysia. Dawson has warned that the lost ground will require heavy investment to reverse.
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"If we continue to lose market share in China and other growing economies to our north, the optimistic predictions of a dining boom to follow the current mining boom will wind up being just hot air,” said Dawson. Many were hoping that an increase in trade within the food sector would make up for the current waning nature of the mining industry.
VISY executive chairmen Anthony Pratt has also come forth to say Australia has less than five years to capitalise on the opportunities Asia offers the food sector, and has claimed that accelerated depreciation is the key.
"Accelerated depreciation helps companies bring forward capital-intensive investments by reducing payback time. It's not a hand out. Companies still have to pay the tax, but they simply get to defer it," he said. "And food manufacturing is an ideal candidate for targeted accelerated depreciation because the food industry, our biggest industry, creates significant flow-on benefits."
The government is currently in negotiations with China about free-trade agreements, and the council is hoping for real commercial outcomes from the talks. They also want effective trade promotion, improved collaboration in research and development, and reduced costs. There are several things that are currently holding back the industry, including regulatory taxes like the carbon tax, the live cattle export ban, and the doubling of gas prices on the east coast of Oz.
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”