28 October 2009

 

A Territory Government initiative

 

Attracting more investment

Chief Minister Paul Henderson is travelling to Sydney today to encourage some of Korea’s biggest companies to invest in the Northern Territory.

Mr Henderson said 30 representatives from a broad range of Korean international businesses and the Consul General of the Republic of Korea, Woong-nam Kim, will attend an investment seminar showcasing the Territory.

“This is about showcasing the Northern Territory, our many strengths, capabilities and potential future investment and trade opportunities,” Mr Henderson said.

Korean businesses have shown an interest in a variety of industries, particularly mining exploration and production, oil and gas, and commercial developments.

“Despite the continuing global downturn, Korea realises there is scope in the Territory for increased investment and greater trade opportunities,” Mr Henderson said.

“Australia and Korea are in negotiations to establish a new Free Trade Agreement. Each country is keen to enhance co-operation in the agricultural and resources sectors – and that can only mean more opportunities for investment and trade for the Territory.”

Korea is the Territory’s 8th largest trading partner with total two-way trade in goods and services valued at $189 million in 2008–09.

Korean businesses have shown an interest in mining exploration and production in the Northern Territory.

Chinese investment

The Territory Government led a delegation of local businesses to China last week to take part in a number of high-level meetings and investment seminars aimed at further fostering investment in the Territory.

Minister for Resources, Kon Vatskalis, said the Territory Government’s China Minerals Investment Attraction Strategy has given the Territory a competitive edge when it comes to securing investment finance for junior and mid-sized exploration companies.

“The Territory was the only jurisdiction to increase its exploration expenditure in 2008–09, while other jurisdictions showed a decline in overall expenditure,” Mr Vatskalis said.

“The most recent report card on Bringing Forward Discovery shows there have been four major Chinese investment deals completed in Territory exploration and mining projects, including the recent $32 million Arafura and East China Exploration (ECE) deal.”

During his visit to Beijing, Mr Vatskalis met with officials from ECE, the Sinosteel Corporation and the China Metallurgical Group Corporation (MCC) to encourage ongoing investment in Territory-based resource projects.

The delegation also visited one of the richest areas in China, the Shandong province, to promote exploration opportunities in the Territory.

Boosting trade opportunities

The Territory Government’s push to boost trade, business and tourism in the Asian region continued this week with several important meetings in Singapore and Malaysia.

Minister for Asian Relations, Business, Trade and Tourism, Dr Chris Burns, left early this week to meet with businesses and government ministers.

Dr Burns said he will be meeting with Malaysia Airlines and Silk Air to try and attract more international flights to the Territory.

“At present there are only economy seats available to the Territory from Asia – we want more flights, including a full-service airline to encourage more tourists and business travel,” Dr Burns said.

Dr Burns will meet with businesses and the Australian High Commissioner in Singapore to discuss and promote business and trade opportunities in the Territory.

Whilst in Malaysia, Dr Burns will talk to the Tourism Minister, the Deputy Trade Minister and local businesses.

“Malaysia is an emerging trade partner for the Territory and contributes $14 billion of export trade for Australia,” Dr Burns said.