The NSW Government has released its inaugural NSW Trade Statement, seeking to double exports to $200 billion by 2031, create more jobs, and support the State's economic recovery. In order to reach its ambitious goals, 10 priority sectors have been identified, including health, biotech and medtech.
NSW Government currently values its exports at $96 billion, making up 15 percent of its overall economy and supporting one in five jobs across Australia. Its first milestone of reaching $130 billion in exports is anticipated to be reached by 2024.
Strategies to support the growth and outlined in the NSW Trade Statement include:
- Helping SMEs to compete internationally
- Harnessing NSW's competitive advantages
- Facilitating new export growth opportunities
- Promoting NSW as a world-leading knowledge opportunity, including funding R&D and clinical trials to "turbocharge" industry commercialisation, and
- Strengthening international partnerships at all levels.
Work is already underway on achieving the targets, with the establishment of the NSW Trade and Industry Advisory Committee (TIAC) earlier this year. The TIAC has been formed to support NSW as it seeks to harness its competitive advantages, and the group delivers expert advice to the Government on effectively managing the evolving global trade industry, including current trends and emerging export growth opportunities.
AusBiotech CEO Lorraine Chiroiu, who was appointed to the NSW TIAC earlier this year, said, "AusBiotech looks forward to supporting and promoting strategic initiatives and actions to bolster the industry. We were pleased to partner with NSW earlier this year, and to profile the State as an important pillar in our strong 'Team Australia' delegation at BIO Digital 2021. Local capabilities were proudly showcased, and global connections fostered, and we look forward to continuing to unite on this important mission."
Read the NSW Trade Statement 2021 here.
