Page 1331 - Week 04 - Thursday, 7 April 2016
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Economy—trade missions
(Question No 659)
Mr Smyth asked the Minister for Economic Development, upon notice, on 11 February 2016:
(1) In relation to funding for ACT Trade Missions in (a) 2012-2013, (b) 2013 2014, (c) 2014-2015 and (d) 2015-16 Budget and related forward estimates, (i) how much has been spent on or provided for ACT Trade Missions, (ii) what has been the destination and cost of each mission and (iii) what has been the economic benefit arising from each of the listed trade mission.
(2) Can the Minister provide a list of ACT grants that have been used to support mission delegates including the name of ACT Government grant, purpose of funding and name of organisation on delegation for (a) 2012-2013, (b) 2013 2014, (c) 2014-2015 and (d) 2015-16.
Mr Barr: The answer to the member’s question is as follows:
In responding to the question the definition of ACT Trade Mission is - an international outreach activity undertaken by the Government or businesses to promote Canberra and its capability in key priority sectors for the purpose of exploring business opportunities in the areas of trade, investment, tourism and education.
(1) Funding for ACT Trade Missions
(a) 2012-2013
(i) Total expenditure on trade missions for the year - $119,824
(ii) Destinations and cost of each trade mission:
• Indonesian and Singapore Trade Mission (April 2013) - $87,155
• ACT Screen Industry Mission, Cannes, France (May 2013) - $32,669
(iii) Economic Benefit:
• Trade missions have direct and indirect economic benefits and these come in both short and long term time frames. Accordingly, it is not possible to measure the economic benefit from an individual mission. A continued effort in these markets is required to generate desired results. As a result of the consistent effort in these markets, some of the recent outcomes from trade missions are:
o securing direct international flights to and from Singapore and Wellington; and
o record breaking investment in mixed used development sites in Canberra from Shenzhen business as a result of continued engagement with Shenzhen, post the signing of the Memorandum of Understanding with the city of Shenzhen.
• In addition, numerous ACT businesses that have participated in ACT Trade Missions and/or received Trade Connect funding support have generated successful business connections, links and business deals with international partners. These include: Nexus eWater; OnTheGo Sports; Inland Trading Co.; Intelledox; WildBear Entertainment (formerly Bearcage); QuintessenceLabs; ScreenCraft; JIA Films; Kreiworks; Shaw Vineyard Estate; Bottles of Australia; Cogito Group; iSimulate; and DAMsmart.
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