Manufacturing key to future of WA economy

In launching the Western Australian (WA) government’s Diversify WA vision, the state government identified technology and advanced manufacturing as one of the key economic sectors that will build a more resilient, sustainable and growing economy.

To achieve this vision, the WA government will reduce barriers to diversification, foster innovation and demonstrate fiscal responsibility so to make the state attractive for outside investment.

As the population of WA grows, finding secure, well-paying and long term jobs is a priority for the government, particularly across a wider range of industries.

Other industry sectors highlighted are energy; tourism, events and creative industries; international education; mining and mining engineering and technical services; and primary industries.

To date, the WA state government has sought to diversify its economy and employment base through METRONET, a road program, the WA Jobs Law, improving digital connectivity for agricultural businesses, regulatory reform and strengthening the VET sector.

According to state Premier, Mark McGowan, there is opportunity for Western Australian businesses that look towards export markets.

“There are considerable global opportunities for Western Australia to grow and diversify our economy by meeting the demands of the world’s growing middle class, particularly in the Indo-Pacific region,” said McGowan.

The government will follow this announcement with a prospectus to highlight the qualities of WA for businesses.

“Western Australia has substantial natural resources, a stable regulatory environment, skilled workforce and robust economy. Diversify WA sets out how we will capitalise on these strengths to attract trade and investment – growing our economy and creating jobs for the future,” said McGowan.

While the government is seeking to drive the diversification of the state’s economy through grants and funding, McGowan acknowledges that success will come through partnerships across sectors.

“Diversify WA provides a framework for further collaboration between business, Government and the community to ensure a sustainable, resilient economy that delivers secure, quality jobs for Western Australians,” said McGowan.