Page 1491 - Week 06 - Wednesday, 6 June 2007
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the economies which are shaping the economic future of the globe. China and India are undoubtedly the best examples. This is why the ACT Labor government took the step of organising and supporting the first ever trade mission to India this year and why I led the second trade mission to China a few weeks ago.
Trade missions expose local companies to international opportunities and wider horizons. They provide a link to something bigger and more dynamic, and in a collegiate business community like that of Canberra they often lead mission participants to involve other local companies in the opportunities arising from such missions on their return to Canberra.
Most of the companies and organisations that have participated in the India and China missions are part of the ACT Exporters Network, an initiative in which the ACT government invests around $140,000 per year. It is an important forum providing information, planning and mentoring support to exporters at all stages of their development.
Australia is currently very much top of mind in China. It is a good time to visit as an Australian seeking to do business in China, as trade between China and Australia is now at an all-time high. In 2006 Australian trade with China totalled $50.4 billion, up 23 per cent on 2005. Recently released quarterly figures reveal China is now our largest trading partner, displacing Japan, which has held the top spot for decades. It is a significant milestone. Just as Australia’s trade relationship with Japan grew from that country’s appetite for Australian raw materials in the 1960s and 1970s, so too with China.
But it would be wrong to think China views Australia as simply a quarry or a farm. The trade relationship is developing across all sectors. China imports around $2.5 billion in Australian manufactures each year and China is our fourth-largest services market. China has a strong desire to develop its services sectors. As a service and knowledge based economy, the ACT has much to offer and gain in this area. The services sector in China has been much slower to open up to foreign investment, due to state controls, but that is changing. China is Australia’s largest source of overseas students, with over 81,000 enrolled in Australian educational institutions, and over 2,000 of these students study in Canberra. Tourism is also an important opportunity, with around 285,000 Chinese visitors arriving in Australia last year.
The message we took to China was about the diversity of the ACT economy, our track record in innovation and our city’s position as Australia’s leading “knowledge cluster” economy. While for me the mission was largely about building on existing government to government relationships, it was also about directly supporting a number of ACT businesses operating in China and others who wish to do so.
Like the mission to India in February, the Australian Trade Commission was contracted to manage the overall business program. The professional support provided by Austrade was exemplary, as it was in India, and I am very pleased to say that Austrade and my department work very well together for the benefit of the ACT business community.
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