Asia represents a great export opportunity for Australia’s automotive companies, according to the Federal Chamber of Automotive Industries (FCAI), reports Asia Pulse.

Speaking at the opening the Australian International Motor Show in Sydney, FCAI chief executive Peter Sturrock noted that about a third of the 400,000 cars produced in Australia last year were exports, mainly the Middle East and to the US (through Holden’s export of Monaro to the States for sale by parent GM).

The Asia Pulse report said that Sturrock believes the industry can achieve its goal of nearly 10 billion Australian dollars (USD7 billion) worth of auto exports annually by the end of the decade, especially if it exploits new opportunities in Asia.

Holden is finalising plans to export its Statesman model to South Korea for sales by GM Daewoo Auto and both Holden and Toyota Australia were studying opportunities elsewhere in Asia, he said.

Australia has been invited to attend a meeting of ASEAN heads of state next month where trade will be discussed, Sturrock said, also pointing to an Australian government study in progress into trade arrangements with Malaysia, Asia Pulse reported.