Page 154 - Week 01 - Wednesday, 26 February 2014
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development footprint in the territory as their research relationship with the ANU continues to expand. Lithicon is but one example of how the government’s ongoing support for innovation and start-up companies is paying dividends, and it is outcomes like this that drive the diversification of the territory’s economic base. The equity investments that have been made in Lithicon by both the Canberra business development fund and ANU connect ventures deliver a significant direct financial return to our economy.
The territory represents around two per cent of the Australian economy and Australia represents around two per cent of the world economy, so it is vital for businesses in the ACT to look beyond the borders of the territory for growth and for investment. That is why the government has established Invest Canberra, the ACT government’s investment agency which promotes and attracts national and international direct investment. It creates a clear focus for potential and existing investors alike and will play a key role in the coming years in driving further growth in the territory economy.
The government also recognises that there are ideas and investment opportunities that sit wholly within the private sector. This is why last week I launched the investment proposal guidelines for investors. To put it simply, if the private sector has a faster, smarter or more efficient way of delivering a service or product, then the ACT government, through Invest Canberra, wants to hear from them. These guidelines provide clear pathways for investors wishing to set up or expand their business in Canberra. We are particularly looking forward to the unique and innovative ideas to solve the range of economic and social challenges presented to Canberra and the region.
In addition, the government is supporting our private sector to continue the expansion of its exporting activities. This is paying dividends for the territory economy. As I noted in question time yesterday, the territory’s exports of services were worth $1.28 billion in the last financial year, a growth of 3.4 per cent. To put this in some perspective, the ACT’s share of our national population is about 1.6 per cent, but this territory is delivering nearly 2.5 per cent of the nation’s exports. It is encouraging to have seen the recent growth in exports, and we look forward to working with the Exporters Network to continue that growth.
The 2013-14 territory budget included funding for global connect, which consists of a range of programs to raise awareness amongst territory businesses about exporting opportunities, to promote even greater collaboration amongst our already very collaborative group of local exporters, to increase the number of firms exporting and to help them to access new markets.
We are particularly pleased to be able to work with Minister Andrew Robb at a national level in relation to investment and trade. I congratulate Minister Robb for convening a meeting of state and territory trade and investment ministers in Canberra earlier this month and for what appears to be a bipartisan continuation of support for free trade agreements and for opportunities for growth in exports out of the capital region. It was a good opportunity to discuss the strength of exports from the ACT with the federal minister. We look forward to working closely with him and his agencies, particularly Austrade, in the coming years. That relationship is important to
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