The NSW government will invest $261.4 million over four years in trade and industry to expand the state’s international export opportunities, as part of the 2021-22 NSW Budget.
Highlights from the 2021-22 Trade and Industry Budget to be delivered over the next four years include:
- $128.9M to expand NSW’s international network
- $45M overall to support NSW exporters through trade programs, including:
- $19.1M to support international students
- $6.4M for the Going Global Export Program
- $4.8M to support skilled migration
- $87.5M for targeted industry development programs, including:
- advanced manufacturing in target industries such as space and medical technologies and the food and beverage sectors
- advanced technologies and their applications across industries such as the cyber, fintech, regtech and agtech sectors
- the defence industry.
The investment will double NSW’s international network footprint and support businesses here and overseas, according to deputy premier and minister for Industry and Trade John Barilaro.
“With the upcoming appointments of an Agent General in London and five NSW senior trade and investment commissioners in Tokyo, New York, Mumbai, Singapore and China, NSW exporters have never been so well represented,” Barilaro said.
“We have already opened offices in new markets, including in Vietnam and Singapore, with a plan to expand to 21 global offices including Indonesia and the EU in the coming months.
“We kicked off our Going Global export program last year and are investing a further $6.4M over four years to keep it rolling to help more businesses from across the state engage in new international markets,” he said.
“This supports our exporters with access to further markets and is fostering post-pandemic resilience, crucial to long term economic recovery.”
This year the Going Global export program has supported more than 150 businesses with free export coaching, tailored workshops, business matching and introductions to new international customers, helping local companies make the step up to the global stage.
“This assistance is being delivered through our team of export specialists here in NSW and on-the-ground across nine countries through our dedicated international network,” Barilaro said.
“It has meant that NSW companies have been able to participate in trade shows overseas and have one-on-one business meetings with new international buyers and distributers, despite COVID-19 restrictions.
“Our focus is to position NSW at the very centre of the global stage to support industry growth and create export opportunities for regional, small and medium sized businesses,” he said.
International students and the revitalisation of the international education sector will play a key role in the state’s post-pandemic economy.
“We are investing $19.1M over four years to support our largest services export sector, to ensure that NSW remains a premier destination for international students, improving student experiences and linking our international students to our agriculture industry, internship and sports programs,” Barilaro said.