Page 2809 - Week 08 - Tuesday, 14 August 2018
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report to the Assembly on the recent trade delegation I led to Singapore, Hong Kong and South Korea. Consistent with the ACT government’s economic development and international engagement strategies, this delegation was aimed at growing Canberra’s international markets and promoting our city as a trade and investment destination to drive continued economic growth and diversification.
Madam Speaker, this recent international engagement was a significant undertaking, with almost 60 representatives from Canberra in market for the Singapore segment of the delegation involved in activities across a range of program streams, including financial bond market presentations; innovation and venture capital with growth stage companies; tourism destination marketing; screen production collaborations; urban renewal and property development; and aviation and freight infrastructure investment. With multiple streams of activity, the delegation was delivered as a team Canberra approach which was leveraged as a platform to build the CBR brand.
Apart from promoting ACT government bonds to the international finance sector and showcasing Canberra’s property investment potential, activities in Singapore included attending the World Cities Summit on sustainable cities and launching the Canberra investment showcase targeting Singapore venture capital for growth stage companies.
In Hong Kong the program focused on bond market presentations, property development opportunities, international hotel investment and aviation.
In Seoul the program also included bond markets, as well as property development, renewable energy and sustainability, screen and film, and defence and transport.
I can advise the Assembly that, as an immediate consequence of the delegation, a Singapore-based investment group has already visited Canberra to look at a range of investment opportunities. A Hong Kong investor has contacted ACT commercial agents with a view to purchasing a Canberra hotel that is currently listed for sale. Discussions are underway between Screen Canberra, Screen Wellington and the Singapore Film Commission about a joint film development training course, with a view to culminating in an international film production project, and discussions have started about a possible joint film activity in South Korea.
I will now go into more detail about the activities undertaken during this delegation. In relation to bond investor meetings, the territory continues to enjoy Standard & Poor’s AAA credit rating, the highest possible credit rating available for jurisdictions in Australia, given the Australian government’s credit rating. We are one of three Australian governments, as well as one of only 26 non-US state or local governments in the world, to hold the AAA credit rating. This is a strong endorsement of this government’s fiscal strategy.
Engagement with international bond markets showcases Canberra’s economic opportunities to financial investors and seeks to better diversify our investor base and attract more investment to Canberra.
During this trade mission I met with 10 financial institutions in Singapore, Hong Kong and South Korea to provide an update on the 2018-19 ACT budget and our
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