Investor Presentaiton
Priority
3
Future growth outlook
Queensland will add to traditional strong trading ties
with developed economies such as the USA and Japan
by building stronger relationships with the new growing
economies of Asia (refer to global megatrend 6).
According to the IMF, India and China are projected to show
strong economic growth to 2021. The ASEAN-5 countries
(Indonesia, Malaysia, the Philippines, Singapore and
Thailand) and Sub-Saharan Africa are also predicted to
show growth above the world average (see Figure 10).49
Figure 10: Forecast average annual growth in gross
domestic product 2016 to 202150
(% growth rate)
7
6
5
4
3
2
1
Japan
Euro area
USA
India
Case study: New TIQ offices:
Singapore and Chengdu, China
In 2016, the Queensland Government established two
new TIQ international offices in Singapore and Chengdu.
Singapore's reputation as the Asia-Pacific hub for
finance, multinationals, innovation and aviation made
it a strategic choice. Past Singaporean investment
has contributed greatly to Queensland's economy,
particularly in tourism infrastructure. Further investment
in key industries such as food and agribusiness,
education, and urban development and infrastructure
presents an exciting opportunity for future economic
development.
As a major aviation hub with direct flights to Queensland,
Singapore also presents an opportunity to secure greater
distribution of Queensland products in Asia.
TIQ's Chengdu office is the fourth trade and investment
office in mainland China. With a population of 10 million
people, Chengdu is considered one of China's most
important second-tier cities and is located in Sichuan,
China's fourth largest province by population.
Sichuan Province and Chengdu have many economic
links that align with Queensland's major export and
emerging sectors including rich mineral deposits,
agribusiness, and science and technology.
Chengdu's large and growing middle class has a growing
appetite for premium food and wine.
The USA is the largest source of FDI into Australia
and a key market for technology and innovation.
Queensland must ensure that it is effectively targeting
investors and advanced export opportunities in this
priority market.
New initiative: Establish a new TIQ office in North
America.
Singapore is one of South-East Asia's key financial
and aviation hubs. Along with its close proximity to
Queensland, it is strategically located as a gateway to
the ASEAN-5 countries which are forecast to grow at an
annual rate of 4.5 per cent to 2021.
New initiative: Strengthen TIQ's presence in Singapore.
Indonesia, with a population of 260 million, is
already the world's 16th largest economy and is growing
quickly. There is significant potential for Queensland
businesses to increase trade with our close neighbour
and stronger engagement with Indonesia is needed to
take advantage of this opportunity.
New initiative: Strengthen TIQ's presence in Jakarta
With the global economic landscape evolving at
such a rapid pace, the Queensland Government's trade
and investment policies must be responsive to global
megatrends and targeted to key markets to ensure
Queensland businesses have the right support globally.
New initiative: Develop country-specific trade and
investment strategies.
New initiative: Conduct a comprehensive review of
Queensland's international operations.
Queensland Trade and Investment Strategy 2017-2022 31View entire presentation