Western Australia's first Asian Engagement Strategy will boost regional communities and businesses with increased opportunities to deliver products and services into Asia, diversifying regional economies and creating jobs.
The Asian Engagement Strategy, a McGowan Government election pledge, recognises the rise of the Asian region as the biggest economic, social and cultural opportunity for generations of Western Australians.
Central to the strategy is expanding and diversifying the important contribution regional WA makes to the State economy in tourism, energy, primary industry, mining and technology.
As well as supporting regional businesses to identify and deliver on export opportunities, the strategy includes a strong focus on attracting investment that builds infrastructure and unleashes the economic potential of regional WA.
Asian Engagement Minister Peter Tinley will visit Kununurra and Broome as part of a regional launch of the strategy - using the opportunity to consult local businesses and industry representatives about the strategy.
The Minister will visit other regions across Western Australia later this year.
The strategy sets a 2030 timeframe to achieve increased trade and investment, diversify the economy through development of WA's priority industry sectors and build an Asian-capable workforce.
In implementing the strategy, the State Government will deliver in four areas:
- Maximising investment and trade opportunities by researching and reporting on the economies and trade of each Asian country
- Supporting Asia literacy and capability by improving our Asian language skills and cultural understanding and connections
- Enhancing people-to-people links between WA and Asian nations and working closely with the State's Asian community
- Supporting business and communities by providing direct advice and access to business and trade networks.
The strategy is part of the WA Government's economic plan to maintain the development of our resource industries, while increasing the competitiveness and productivity of other sectors to ensure that the economy is diverse, future focused and resilient.
To read the strategy online, visit https://www.jtsi.wa.gov.au/about-the-state/asian-engagement
As stated by Asian Engagement Minister Peter Tinley:
"The Asian Engagement Strategy is for all Western Australians, including people living in regional and remote communities throughout the State.
"Holding a regional launch for the strategy was important to acknowledge the vital role regional communities play in our economy.
"Deeper links with Asia are vital for regional businesses and communities.
"Developed and developing Asian countries are thriving economically, socially and culturally, providing an incredible opportunity for our State, but we must act now.
"WA is in a unique position to participate - our geographic proximity and longstanding relationships with Asia are unequalled, and our globally competitive and innovative economy is ready to deliver more for the region.
"This new strategy will ensure WA does not miss the enormous opportunities Asia presents to diversify our economy and create jobs, as well as the many cultural and social benefits of establishing deeper relationships with Asian communities.
"The strategy is highly collaborative, and the WA Government will support and consult regional businesses across WA to increase jobs and skills and the capacity to trade with Asia."
Minister's office - 6500 5300
Key Asia trade statistics:
- WA's merchandise exports to Asia is greater than all other Australian states and territories combined (61 per cent of total trade in 2018-19).
- WA's merchandise exports to Asia increased from $24 billion to $129 billion between 2004 and 2018.
- 70 per cent of the WA's increase in exports between 2004 and 2018 was based on the export of iron ore and petroleum to Japan and China, respectively.
- From 2010 to 2018, total business investment into Western Australia was more than $500 billion.
- The combined GDP of the 11 largest economies of Asia is projected to grow from US$22 trillion in 2016 to US$109 trillion in 2050, at which point Asia will represent over half of the world's economy.
- The majority of the world's megacities, with populations of over 10 million are located in Asia.
- Today, over half of the world's population lives within Asia.
- Asia will comprise 60 per cent of the world's middle class citizens by 2030.
