International appetite for First Nations products and services continues to thrive, with businesses urged to leverage the momentum and explore opportunities on the export market.
Trade and Investment Queensland (TIQ), the Queensland Government's global business agency, is ready to leverage the burgeoning demand, hosting a key event in October to help elevate First Nations businesses globally.
First Nations businesses across Queensland eager to understand their potential for growth on the export markets have been urged to seek support from TIQ for advice on their potential, and to ensure they are well-prepared to enter and thrive on global markets.
TIQ's First Nations Export Discovery Roundtable held in Brisbane - part of its consultation process for a First Nations Strategy - proved crucial for First Nations businesses in the export market.
The event focussed on understanding challenges and opportunities First Nations businesses face, and helped connect those considering spreading their wings to key export contacts and opportunities.
TIQ chief executive Justin McGowan said the roundtable revealed important and valuable insights.
"Understanding the market and cultural nuances is crucial. Businesses must be prepared, with a deep understanding of buyers, capacity to meet demand, and logistics knowledge," he said.
"First Nations products offer unique cultural significance, creating a distinct unique selling point."
He said respect for culture was paramount, and developing metrics to measure intangible cultural aspects necessary. Workforce development is also important, with a need for more First Nations participation in supply chains and the roles they play.
"With any business success, building relationships and maintaining clear communication is vital," Mr McGowan said.
"We are also aware that opportunities for First Nations women-led businesses, especially in foods and botanicals, are extremely promising."
With economic development opportunities abound, TIQ will now focus on using foreign direct investment to support First Nations owners.
Mr McGowan said although hurdles still exist, there are growth opportunities for Indigenous businesses across the world.
"First Nations goods exporters generated more than $670 million in turnover in 2022-23… the challenge, however, lies in sourcing and supply," he said.
"Many Indigenous businesses in Queensland are not yet fully aware of the tremendous export opportunities available to them."
A key strategy of TIQ was educating Queensland's Indigenous business sector about the export opportunities that exist currently.
"Our role is to bridge this gap by creating awareness of the opportunities and providing the necessary support to help First Nation's businesses thrive internationally," Mr McGowan said.
"Our biggest challenge is getting the word out to First Nations businesses, encouraging them to engage with us.
"Expertise and connections are crucial, and having TIQ beside you is a distinct advantage."
TIQ's international network of trade and investment commissioners have local support teams across 16 countries to assist Indigenous business entering and leveraging export markets specific to their trade, while teams in eight Queensland regions were well integrated with respective local business communities.
Businesses receive experienced market knowledge needed to navigate complex international regulatory environments, free of charge, further championing business expansion into new global markets.
First Nations Advisory Committee chair, Jack Reis, a proud Torres Strait Islander has been instrumental in guiding TIQ's efforts to ensure effective support of First Nations businesses.
His leadership and insights have also been impactful on the TIQ board to help underscore potential growth and collaboration opportunities.
Trade and Investment Queensland will host additional roundtables in Townsville, Mackay, Gladstone and Toowoomba over coming months, with feedback used to inform its First Nations Strategy currently being developed.