Reforms for Austrade
Trade Minister Craig Emerson has announced the Australian Trade Commission (Austrade) will undergo significant reforms to better meet the needs of Australian businesses.
“More of Austrade’s work will be undertaken in the world’s frontier and emerging markets, where Australian businesses can benefit most from government support,” he explained.
Austrade will seek to establish offices in Mongolia and Central Asia and strengthen its presence in emerging markets where the costs of setting up business can be prohibitive. These include Latin America, China and Africa.
“Until now, Austrade has had no permanent presence in a number of frontier markets, but that’s about to change,” Emerson said. “This is where the big growth potential lies for Australian businesses and Austrade will be there to lend assistance.”
Following a comprehensive review undertaken last year by CEO Peter Grey, the reforms will increase Austrade’s focus on frontier markets while reducing resources in developed markets. Some Austrade offices in Europe and North America will close, with the rest of a rationalised work force dedicated to attracting foreign direct investment.
Emerson says the reforms will mean Austrade’s resources are better targeted to markets where its expertise can add the greatest value.