Australia's most experienced independent public policy experts have been engaged to author a white paper that will shape Tasmania's place in the Asian Century.

The Premier, Lara Giddings, today announced the signing of a Memorandum of Understanding with the Australian National University's Crawford School of Public Policy.

"The Crawford School will work with the Department of Premier and Cabinet and other State Government departments to help Tasmania make the most of the most transformative economic shift in generations.

"We are incredibly fortunate that this collaboration will be led by Professor Peter Drysdale who was one of the architects of Asia Pacific Economic Cooperation (APEC).

"The executive chair of the Crawford School, Dr Ken Henry AC, is the lead author of the Australian Government's White Paper on Australia in the Asian Century and the Tasmanian White Paper will build on his work."

Ms Giddings also launched an issues paper to shape public discussion about how to maximise the opportunities created by the massive growth in the Asian middle class.

"The predicted boom in the Asian middle class is critical to Tasmania's economic growth as these are the future consumers for Tasmanian wines, dairy, salmon, tourism, education and other high quality services and products.

"This target market is expected to grow from 500 million people today to more than three billion over the next 20 years and presents an unprecedented opportunity for Tasmania business."

Ms Giddings said China and India's combined share of the world economy had more than quadrupled since 1980 and is forecast to almost double again by 2030.Professor Drysdale visited Tasmania in July as part of the Australian White Paper development process and held roundtable discussions with Tasmanian Government, business and education stakeholders.

"Building the Asian capabilities of the Tasmanian Government and the business community is critical for success in taking advantage of the opportunities of the Asian Century," Professor Drysdale said.

"Tasmania has exciting opportunities to build a brand around clean and premium-quality products that appeal to increasingly wealthy Asian consumers as well as the growing middle class."

Ms Giddings said that although the Asian Century provided significant opportunities, it also required government and business to adapt, innovate and build relationships.

"I have been impressed at how some businesses are thriving through continuous innovation and leveraging the opportunities that Asia provides. We need to share those successful experiences so that more Tasmanian companies can grow," said Ms Giddings.

Public submissions on the Issues Paper close on 28 September 2012, with the document available online from www.dpac.tas.gov.au/asiancentury For more information contact asiancentury@dpac.tas.gov.au