Australian Government looks to Shanghai for next landing pad

The Australian Government intends to establish a landing pad in Shanghai, China's largest and most cosmopolitan city, to help our innovators access talent and opportunities globally.

The Turnbull Government's National Innovation and Science Agenda creates five landing pads in global innovation hotspots to help Australian entrepreneurs take their ideas to market and build high-growth and high-return enterprises. The Australian Government will consult with the Chinese Government and other local stakeholders on the proposal for an intended landing pad in Shanghai.

Announcing the selection, the Minister for Industry, Innovation and Science, Christopher Pyne, the Treasurer, Scott Morrison, and Minister for Trade and Investment, Steve Ciobo said Shanghai was being positioned by the Chinese Government as a global centre for technology, innovation and entrepreneurship.

"Entrepreneurs accessing the landing pads will be assisted to commercialise their products and services through access to the expertise, infrastructure and innovation and marketing networks of local partners," Mr Pyne said.

"Landing pads are a key component of our agenda because they will build international collaboration performance by emerging Australian companies, enabling them to leverage the entrepreneurial expertise in these strategic hubs.

Mr Morrison, currently in Shanghai for the G20 Finance Ministers' and Central Bank Governors' meeting said recent changes to the city's labour market is opening its economy to further opportunities for Australian entrepreneurs.

"These changes have attracted the global attention of investors and entrepreneurs with an eye on China's 618 million internet users and 300 million e-commerce shoppers," Mr Morrison said.

"Additionally, China's rapid economic growth and increasing centrality to the global economy mean its markets represent an exceptional opportunity for Australian entrepreneurs aiming for global scale and impact, particularly as our services-oriented economy is stepping up to the wicket," he said.

Mr Ciobo said the Austrade delivered landing pad would further strengthen Australia's trade relationship with China.

"Shanghai's history of commerce and entrepreneurship makes it a good entry point to the huge Chinese market," Mr Ciobo said.

"The landing pads are part of an $11.2 million investment under the agenda to build Australia's global innovation capacity and market penetration by agile business start-ups and innovators," he said.

The Australian Government has announced that other landing pads are being established in San Francisco and Tel Aviv. The host cities for the final two landing pads are expected to be announced shortly.