New engagement strategy to build trade and investment for NSW
The NSW Government has released a new strategy to attract international investment, facilitate exports, create jobs and grow the economy.
The NSW International Engagement Strategy outlines how and where the state must focus its international engagement as a key contributor to economic growth.
The strategy will identify promising markets, establish and build relationships and strategically apply resources to attract new investors, work with existing investors to reinvest and help innovative companies to export.
The new approach will help NSW, an outward facing and increasingly internationally-linked economy, achieve better trade and investment outcomes through a co-ordinated and coherent approach with consistent messaging.
The strategy identifies specific international engagement activities to:
- Prioritise NSW markets and sectors;
- Attract productive international investment and regional headquarters;
- Encourage growth in NSW business activity in overseas markets;
- Build close international trade and investment relationships; and
- Co-ordinate efforts and improve delivery.
The state’s priority markets have been expanded from six to 10, reflecting key sources of foreign direct investment, as well as the main buyers of NSW merchandise and services exports. The priority markets have significant potential economic growth, especially in Asia.
Nine priority sectors have also been identified on the basis of NSW’s competitive advantages and potential for growth.
Other actions in the strategy include:
- Expansion of the international network of NSW trade and investment offices;
- A new cross-government co-ordination body;
- Closer partnerships with industry to promote trade missions into priority markets/sectors;
- A new approach to sister-state agreements and other instruments of government-to-government and bilateral agency interactions; and
- Stronger marketing of NSW, its economic strengths, priority sectors and business opportunities.
The strategy, which includes a comprehensive implementation plan, was developed in close consultation with senior business representatives, expert organisations, and NSW Government agencies and international offices.
Japan, United States of America, China, United Kingdom, India, Malaysia, United Arab Emirates, South Korea, Singapore, and Indonesia.
Professional services, construction/infrastructure, advanced manufacturing, education and research, information and communication technology, clean technology, mining, agribusiness, and tourism.