Today given the chance to do the deal at the kind of price available then, I am pretty sure the company would jump but it is too late. Someone else did the deal. That fly in fly out mentality just doesn't work. You wouldn't do it in a Western country so why would you do that in a place you don't understand?
"Australian business needs to invest in Asia if we are going to do business in Asia. Our level of investment though is woeful."
Andrew Parker, Leader of PwC Australia's Indonesia Practice
PwC released a major report this week, "Passing us by", which looks at how businesses can capture some of the nuances of doing business in the 10 ASEAN countries plus China, Hong Kong, Taiwan, Macau, Japan and South Korea, or "Asia" as we have defined it.
Most companies intellectually understand that Asia is big and growing fast. But they think that a bi-lateral trading relationship where we ship raw materials to Asia and they send them back as finished products is how Australia rolls in the "Asian Century". I don't think that will be enough.
We are missing out on the biggest opportunity in Asia. The scale of intra-Asian trade will exceed that of the EU by 2016. Asia is becoming home to more and more world class companies with global brands that have the scale and low cost bases that fund R&D budgets and innovation that Australian companies should be looking out for.
These companies are the competition - and make no mistake, they are formidable competitors. The traditional protections of geography and borders are being torn down by technology and the signing of more Free Trade Agreements (FTAs) will only quicken the pace of change in global supply chains.