Page 2447 - Week 07 - Thursday, 3 August 2017
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The government’s borrowing program supports investment in Canberra within the framework of our AAA credit rating. The AAA credit rating is a strong endorsement of the government’s fiscal strategy, and engagement with international bond markets supports this strategy by lowering borrowing costs, diversifying risks and, importantly, attracting more investment to Canberra.
The Singapore leg of the mission reinforced the ACT government’s commitment to foster trade and investment links with Singapore, enabled further engagement with the Australian government to advance the ACT government’s forward agenda for access to the Singapore market, and promoted investment opportunities in Canberra, including the raising of awareness of future investment opportunities to leading firms.
Singapore is a priority market for Canberra and the region. Regular well-planned engagement is paying dividends, creating a strong foundation for relationship development, building of trust and recognition of the ACT government’s genuine commitment to the market. I have previously detailed the significance and importance of the ACT’s relationship with Singapore in the statement I delivered to the Assembly following the delegation I led in April 2017.
I would like to reinforce today that Singapore is Australia’s fifth largest export market for services and the third largest foreign supplier of services. The country has a creative, business-focused culture that supports its status as the major regional hub for multinational businesses operating in Asia.
The economic relationship that Australia has with Singapore is one of our country’s most important, and this provides a great advantage for Canberra entering the market. The Singapore-Australia free trade agreement is the central pillar of the economic relationship with Singapore and Canberra’s direct aviation connection to Singapore is our platform for opportunity throughout Asia.
The Singapore leg of the delegation focused on investment promotion activity, including debt investor meetings, and the promotion of future land sale opportunities to Singapore investors. Engagements gave investors a greater understanding of Canberra, its economic strengths and the ACT government’s plans for growth through world-class developments.
As a direct result of the work facilitated during the April 2017 visit to Singapore, this visit also coincided with the ACT Brumbies exhibition match against the Asia Pacific Dragons. The ACT government is supportive of the ACT Brumbies’ efforts to establish regular engagement with the Singapore rugby and business communities. I would like to take the opportunity to acknowledge the leadership of Brumbies CEO, Michael Thomson. That leadership was demonstrated in making that particular match a reality. The match provided an excellent platform for business engagement, promoting Canberra as a place to invest and do business.
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