Report outlines depth of UK-Australia investment relationship
A joint UK-Australia report launched today highlights the immense benefits and potential of the investment relationship between the 2 countries.
Graham Stuart and Steven Ciobo hold a copy of the UK-Australia investment report.
The report, Strong ties, growing stronger : Australia - United Kingdom investment relationship comes ahead of a meeting between UK International Trade Secretary, Dr Liam Fox, and Australia’s Minister for Trade and Investment, the Hon Steven Ciobo MP, this afternoon which will focus on opportunities for deepening the bilateral relationship.
The report profiles the success stories of 18 UK and Australian firms – from startups to international conglomerates – which contributed to total two-way investment of £459 billion.
Companies such as AstraZeneca, AustralianSuper and TransferWise have ploughed investment into both countries, across sectors as diverse as financial services, agribusiness, education and health, creating many thousands of jobs and economic growth.
Launching the report alongside Mr Ciobo today, Minister for Investment, Graham Stuart, said:
This report highlights once again the sheer scale of investment opportunities that exist between the UK and Australia. Investment from Australia and New Zealand was the source of 95 new projects last year, creating almost 2,500 British jobs.
Our international economic department is determined to help UK and Australian businesses take full advantage of these opportunities, with our range of export and investment support including our new HM Trade Commissioner for Asia Pacific, Natalie Black.
Steven Ciobo, Australian Minister for Trade, Tourism and Investment said:
Across diverse industries ranging from defence to education, technology and infrastructure, Australia and the UK continue to invest in ways that increase prosperity and create jobs in both countries.
Both countries offer large, open and flexible economies as well as an ideal location from which to access other regional opportunities, be it in Europe or Asia.
The Australia-UK trading relationship has also gone from strength to strength in recent years, increasing almost 10 per cent since 2012 to reach £14.9 billion in 2017.
Recent major investment successes include BAE Systems, who have been awarded Australia’s ‘SEA 5000’ Future Frigate contract. The agreement is worth up to £20 billion, and will see nine new ships built in Adelaide, creating 4,000 jobs across Australia and boosting the economies of both countries.
In the other direction, Australian direct investment in the UK grew 19% in the 7 years to 2017, to £47 billion, making the UK Australia’s second largest FDI destination.
The UK and Australia established a Trade Working Group in September 2016 to explore the best ways of further progressing our trade and investment relationship.
Background information
The report has been produced jointly between the British High Commission, Canberra and the UK’s Department for International Trade, the Australian Trade and Investment Commission (Austrade), and the Australian-British Chamber of Commerce.
The 18 companies profiled are: TransferWise (UK), AustralianSuper (AU), AstraZeneca (UK), CSL (AU), BT Group (UK), Airtasker (AU), George Weston Foods (UK), Hilton Food Group plc (UK), Nufarm (AU), Foresight Group (UK), Blue Ocean Monitoring (AU), Merlin Entertainment (UK), Firefly Learning (UK), Babcock International (UK), BAE Systems (UK), GFG Alliance (UK), Lendlease (AU) and Aberdeen Standard Investments (UK).
The report focuses on opportunities in the following sectors: financial services and capital markets, innovation and R&D, services and technology, agribusiness and food, resources and energy, tourism and education, advanced manufacturing and defence, major infrastructure.
Statistics on trade and investment figures provided by the Australian Bureau of Statistics.
Minister Ciobo will be meeting UK International Trade Secretary Dr Liam Fox today.