Confirmation that Australia’s leading property and infrastructure company – Lend Lease – is majority joint venture partner of a $2.8 billion ‘Lifestyle Quarter’ in Malaysia – is another tremendous vote of confidence in Australian know-how, the Minister for Trade and Investment Andrew Robb said.
The Australian multinational today confirmed its partnership with the Malaysian government to develop the TRX Lifestyle Quarter in Kuala Lumpur. The development will be at the heart of Tun Razak Exchange, the city’s new financial and business hub.
Mr Robb said Australia was a services economy and Lend Lease was at the epicentre of delivering high-quality services both in Australia and around the world.
“Lend Lease is a great Australian company with an extraordinary track record of delivering a wide range of major projects and this joint venture will further enhance its reputation,” he said.
Globally, Lend Lease has delivered more than 10,000 projects which include the London Olympic Village, the National September 11 Memorial and Museum in New York and even the refurbishment of the Statue of Liberty. It has operated in Malaysia for more than three decades and has worked on more than 100 projects.
Lend Lease will leverage its expertise for the Malaysian project in the delivery of services in building and design, along with its commercial, hospitality, residential and retail offerings.
Mr Robb said there are enormous opportunities throughout the Asia Pacific region for Australian services companies on account of exploding middle-class growth.
“We already have a Free Trade Agreement with Malaysia and our recently concluded Free Trade Agreements with Korea, Japan and China are exceptional in terms of the new levels of access for a wide range of Australian services,” he said.
Figures released today by the Department of Foreign Affairs and Trade show that Australia’s services exports rose more than 7 per cent to $57.4 billion last year and more than 11 per cent to China.
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