Record investment in trade and industry
Trade and industry will be the cornerstone of the NSW Government’s COVID-19 economic recovery with more than $273.6 million to be invested through to June 2024.
Deputy Premier and Minister for Industry and Trade John Barilaro said the 2020-21 NSW Budget will reflect the single largest investment in trade and industry, cementing NSW as the country’s trade powerhouse.
“In 2019, exports were $100 billion and made up 16% of the state’s economy, which is why this record investment in the trade and industry space is so important to empower NSW businesses to stay competitive in export markets or start exporting for the first time,” Mr Barilaro said.
“On the ground assistance in key international markets to support NSW businesses grow their exports has never been more important.
“The NSW Government will invest $112.4 million to double the footprint of NSW’s international network from 11 to 21 offices, and will appoint an Agent General in the UK and five NSW Senior Trade and Investment Commissioners in Tokyo, New York, Mumbai, Singapore and Shanghai.
“As part of the 2020-21 Budget, we are also investing $15.9 million over 4 years to boost NSW’s exports including extending the Going Global Program which provides export coaching, business matching, in-market assistance and export advisory services.
“Additionally, we are continuing investment in programs such as Study NSW, to maintain the state’s position as Australia’s leading study destination. International education is NSW’s largest service export, worth over $14.6 billion to the NSW economy last year and supports more than 95,000 full-time equivalent jobs.”
Treasurer Dominic Perrottet said the funding in this year’s budget would be critical to setting our state on the road to economic recovery in the wake of the pandemic.
“Our health response to COVID has been first-class and it has put us in a position to capitalise on the opportunities that will present themselves in a post-COVID world,” Mr Perrottet said.
“There has never been a more important time to invest in our trade and industries to give NSW businesses the support they need to boost jobs and establish our state as the nation’s premier trading hub.”
The 2020-21 Global NSW Trade and Industry Budget package includes:
- $112.4 million over four years for an overseas network expansion
- $63.3 million to participate in industry support programs and support the development of industry strategies, including -
$17.5 million for a new Advanced Manufacturing Strategy
$13.8 million for a new Defence Strategy
- $18.2 million over four year for Study NSW
- $10 million for export grants in 2020/21
- $9.5 million to boost export advisory services in NSW
- $6.4 million for the Going Global Program to be extended to 2024
Mr Barilaro said the NSW Government would also prioritise industry development through advanced manufacturing to drive growth globally.
“I am determined to boost jobs across the State, and so in this year’s budget there is also a strong focus on advanced manufacturing which makes up almost one third of Australia’s total manufacturing output, directly employing around 253,000 people.”