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NSW looks to ASEAN to grow trade and investment

NSW looks to ASEAN to grow trade and investment article image

The NSW Government will leverage this weekend’s ASEAN-Australia Special Summit in Sydney to grow trade and investment with participating countries by 10% annually for the next five years.

About 3000 delegates have arrived in Sydney for the Association of Southeast Asian Nations (ASEAN) summit to discuss trade, investment and counter- terrorism.

The NSW Government will highlight the State’s world-class infrastructure program and strong economy to influential decision-makers from the ASEAN region.

“The ASEAN-Australian Special Summit is a very important global event and we are proud to showcase the NSW Government’s hard work and innovation,” said NSW Premier Gladys Berejiklian.

“There is strong interest from South East Asia’s political and business leaders in our infrastructure pipeline, our world-class healthcare, education institutions and our amazing tourism destinations.”

New ASEAN trade strategy

Hosted in Sydney by the Federal Government, the first ever Special Summit brings together government and business leaders from the 10 Association of Southeast Asian Nations (ASEAN) countries: Indonesia, Malaysia, Singapore, Thailand, the Philippines, Vietnam, Brunei, Laos, Cambodia and Myanmar.

“To mark the significance of the Summit, the NSW Government is launching a new ASEAN Strategy to further grow trade, investment and cultural connections with the region,” NSW Minister for Trade and Industry Niall Blair said.

“We have identified actions for the NSW Government to achieve 10% growth in trade and investment with the ASEAN region each year for the next five years.

“We will be particularly focusing on six key areas including high quality food, infrastructure and smart cities, technology, education, mining services and tourism.

“The growth and transformation of ASEAN is being driven by expanding cities, a growing consumer base, international connections and digital technologies creating great opportunities for our businesses.”

Second largest trading partner

NSW has a long history of engagement with ASEAN countries. The region is our second largest trading partner, with $19.1 billion worth of goods moving between NSW and ASEAN countries each year.

NSW will explore various new trade and investment arrangements with ASEAN member countries and will appoint a Special Envoy to spearhead relationship building with the region.

Mr Blair said ongoing trade missions will help companies target business opportunities across a range of sectors.

“I recently visited Malaysia, Singapore and Indonesia, and NSW will lead a business delegation to ASEAN in November this year to support trade and investment.

“NSW’s ‘clean and green’ reputation in ASEAN positions us as a leading producer of high quality and diverse agricultural products.

“In education, ASEAN is our second largest source of international students with nearly 54,000 studying here. In tourism we had 284,000 visitors from Indonesia, Malaysia, and Singapore alone in 2016-17, injecting $655 million into our economy.”

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