The federal government has announced it will provide $36 million over 10 years to the new National Centre for Asia Capability in Melbourne and Sydney.
The project was developed by Asialink, a centre at the University of Melbourne, and aims to improve Asia expertise in Australian business.
Trade Minister Richard Marles says the funding is targeted at developing the 'Asia capability' of Australia's workforce.
"What we mean by 'Asia capability' is the skills, abilities and attributes that will help us expand our understanding of, links with, and ability to work with Asia," Mr Marles said.
"Those skills that will drive our economy and jobs growth in the years ahead."
Members of the Asialink task force say the funding is a landmark initiative that can't be underestimated.
Chief executive of Asialink Jenny McGregor says cultural barriers are preventing strong business relationships at the moment.
"There are missed opportunities because of lack of knowledge and networks and because of lack of understanding of nuances," she told SBS.
"And we need to understand different systems of government, different marketing. There's a whole range of things, different legal framework."
Professor of Asian Policy, Kenneth Chern at Swinburne University says the initiative is welcome, but there is still more work to be done.
"There has to be a lot more put into a lot of different areas. For instance there has been a reduction in the number of foreign service officers that Australia has. That should be beefed up to keep up Australia's smart policies strong."
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