Future Investment Initiative

I will represent Australia at the Future Investment Initiative (FII) in Saudi Arabia this week.

Hosted by HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the FII is an international forum that will bring together high-profile government and business leaders to discuss global investment trends and explore investment opportunities.

Saudi Arabia's sovereign wealth fund (the Public Investment Fund) is expected to substantially boost its level of outbound investment in coming years and FII will be well attended by the leadership of regional sovereign wealth funds, global fund managers and major multinational companies.

As such the FII presents an opportunity to promote Australia as an attractive investment destination to a global audience. Saudi Arabian investment in Australia stands at $1.1 billion.

At the FII I will also hold bilateral meetings with my ministerial counterparts attending, participate in a panel session with Trade Ministers to discuss the outlook for global trade and investment liberalisation, and host a breakfast panel to promote Australia's record of 26 years of economic growth.

During the week I will also meet with members of the Saudi leadership to explore opportunities to strengthen our trade and investment relationship including advocating for the resumption of negotiations towards a Free Trade Agreement between Australia and the Gulf Cooperation Council.

I will also visit the United Arab Emirates during the trip to meet major companies to promote trade and investment with Australia.

The United Arab Emirates is Australia's largest trading partner in the Middle East with two-way trade valued at almost $8 billion.