Page 1363 - Week 05 - Tuesday, 3 May 2016
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Before I detail the mission’s activities, Madam Speaker, allow me to reinforce the significance of the Australia-Singapore relationship. Singapore is Australia’s fifth largest trading partner and the largest trade and investment partner in ASEAN, with total bilateral goods and services trade of $30.2 billion in 2014. Investment is a very important element of the bilateral relationship. Merchandise trade of $21 billion in 2014 underpins the trade relationship.
Singapore is Australia’s eighth largest export market with merchandise exports of $8.4 billion in 2014. Total services trade of $9.1 billion in 2014 reflects our developed services markets. Services exports of $3.6 billion in 2014 consisted largely of business services such as research and development, professional and management consulting, transport and technical and trade-related services. Services imports of $5.5 billion consisted of transport services and professional-management consulting.
Singapore’s investment in Australia is substantial. As of 2014, Singapore was Australia’s fifth largest foreign investor with a stock of $80 billion of investment, or just short of three per cent of the total foreign investment stock in Australia. Total investment from Singapore has grown at an annual average of 15.4 per cent over the past five years.
Singaporean investment has traditionally been concentrated in real estate, and in particular tourism infrastructure. However, significant investments in power assets and agribusiness have been driven by energy and food security priorities. Australia is the third largest investment destination for Singapore’s sovereign wealth fund, accounting for 14 per cent of its total invested funds.
Madam Speaker, Australian businesses in Singapore span a diverse range of sectors, reflecting the strong and sophisticated domestic market and Singapore’s role as a regional hub for commercial operations. Importantly, though, there is a body of Australian experience and knowledge already well established in Singapore that we can and will tap into to ensure Canberra businesses find the export markets they need in Singapore itself but also beyond to key markets such as China and India.
Singapore’s economic strategy to position itself as the ASEAN hub for commercialisation and innovation, transport and logistics, and financial services provides commercial opportunities for ACT businesses to access both regional and global supply chains. That is why it is important to engage with Singapore government officials as well as the business, tourism and education sectors.
My government, in partnership with the Canberra business community, has worked hard to build a strong relationship with Singapore over several years. The relationship at a business and government level between Singapore and the ACT is strong, and the strength of that relationship is evidenced by securing direct international air services between Singapore and Canberra and Canberra and Wellington.
This is a game changer for our city if ever there was one. The commencement of these services will provide significant opportunities to grow two-way trade and investment between Singapore and Canberra as well as a foundation reason to explore cultural, social and educational links to a number of cities in the region.
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