The NSW Government has released the NSW Trade and Investment Strategy 2035 – a 10-year plan to grow and diversify the state’s exports and attract investment to develop and strengthen new and existing industries, as well as driving long-term economic prosperity.
The release of the Strategy comes ahead of Minister for Industry and Trade, Anoulack Chanthivong, undertaking a seven-day trade mission to the Republic of Korea and Japan.
“NSW is Australia’s leader in trade and investment, and through the NSW Trade and Investment Strategy, we’ll take things to the next level,” said Minister Chanthivong.
“We have clear targets in place to grow exports, diversify the products we export and where they go, and support more NSW businesses with their international growth objectives.
“NSW has numerous strengths – an extensive research and development sector, and unique advantages in sectors like digital technology, clean energy, defence and space, life sciences, health care, and agrifood.
“We have the skills, knowledge, and capabilities that make NSW a leading place to invest.
“My mission to Japan and the Republic of Korea has been targeted to promote the opportunities outlined in the NSW Trade and Investment Strategy.”
The NSW Trade and Investment Strategy outlines the following outcomes by 2035:
Increase the value of NSW exports to $245 billion; a $100 billion increase from 2023-24
- NSW’s goods and services exports total $142.5 billion, which has grown by more than $70 billion over the last decade.
- NSW has set an ambitious export target focused on continued growth, taking advantage of opportunities arising from our proximity to high growth markets such as Southeast Asia, and opportunities created by the global energy transition.
Increase the diversity of NSW’s export markets
- NSW’s largest merchandise export markets in 2023-24 were Japan, mainland China, and Taiwan, comprising nearly 45% of goods export value.
- The Strategy seeks to diversify our export destinations through solidifying links with growing economies, at the same time as embracing new opportunities in current major markets
Increase the diversity of NSW’s export products
- NSW’s largest export products in 2023-24 were coal, international education and gold, comprising approximately 42% of total export value.
- Improving the diversity of goods and services that NSW exports around the globe will build the resilience of the NSW economy.
Support 10,000 businesses over 10 years to grow and export into new markets
- Investment NSW currently supports 800 businesses each year to export or to build their exporting capacity, with a target to grow this to 1,000 each year through new and existing initiatives.
Support the creation of 30,000 direct full time equivalent jobs through NSW Government investment attraction activities
- Our aim is to increase the number of jobs created through NSW Government investment attraction activities to an average of 3,000 per year.
Attract $25 billion in investment to NSW, with $17.5 billion into the Industry Policy Missions
- Targeting investment outcomes in the NSW Industry Policy missions – Housing, Net Zero & Energy Transition and Local Manufacturing – will be crucial to unlocking NSW’s economic potential, achieving the missions, and supporting government priorities.
During his mission to Korea and Japan, the Minister said he will advance the objectives of the Strategy in meetings with government and business leaders. He will also address an audience comprised of major Japanese businesses Expo 2025 in Osaka, where the NSW Government will host a major investment showcase at the Australian Pavilion.
The NSW Trade and Investment Strategy is aligned with the NSW Industry Policy – the overarching framework for delivering on the Government’s strategic priorities, and which also complements the goals of the Innovation Blueprint.
Read the NSW Trade and Investment Strategy here: https://www.investment.nsw.gov.au/why-nsw/resources/nsw-trade-and-investment-strategy/.
