Foreign investment central to economic prosperity

Media release

29 November 2013

Senior Australian commercial diplomats from posts around the world today met Trade and Investment Minister Andrew Robb to discuss ways of increasing foreign investment.

“Increasing productive foreign investment into Australia is a priority for this government and I welcome the opportunity to hear first-hand from our people in the field,” Mr Robb said.

The Investment Commissioners are stationed in Austrade’s offices in London, Frankfurt, New York, New Delhi, Shanghai, Singapore and Tokyo.

During their visit they will also brief federal government agencies, state and territory governments, industry associations and bilateral business chambers on the opportunities and outlook for investment from their markets.

Mr Robb said productive foreign investment is critical to the growth of our economy, enhances innovation as well as having a positive impact on job creation and skills development.

“It is also important to know what the government can be doing better in order to promote Australia as a preferred destination for foreign direct investment in particular markets or identify commercial opportunities amongst industry in those markets,” he said.

Australia is a significant global destination for foreign direct investment (FDI), with total inward FDI stock up 8.6 per cent in 2012 to a record $549.6 billion. The US and UK remain the most dominant investors, making up a combined 40 per cent of Australia’s FDI stock.

Asia has also been a fast-growing source of direct investment, with Japan up 13 per cent relative to 2011, Singapore 19 per cent, and China 16 per cent.

“Australia is not the only country competing for global investment flows and we need to remain competitive. Making sure potential investors understand the value proposition of Australia remains central to our offshore marketing efforts,” Mr Robb said.

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