Foreign companies looking to access South Australia’s booming mining and infrastructure sectors can expect to have their investments facilitated by Invest in South Australia, a recently established investment agency for the region.
The official overseas launch of Invest in South Australia, held in London in May 2012, was the region’s latest move to promote the new agency, which has been formed with the aim of helping companies identify major infrastructure projects with a high economic potential in South Australia. The choice of location for the overseas launch – the South Australia Club in London – was emblematic of the agency's strategic decision to target companies based both in the UK and Europe.
Speaking to 120 guests – ranging from businessmen to professionals and scholars – Jay Weatherill, premier of South Australia, said: “There are some outstanding investment opportunities in South Australia and some of them will only come along once, so we are looking to maximise the economic opportunities they hold.”
Mr Weatherill discussed a number of major projects that are underway in the region, estimated by the government of South Australia to be worth an aggregate $109bn.
Mr Weatherill added: “We are at a key point in transforming South Australia's economy and we know that there are many businesses looking for markets that are going to be profitable. This is what the Invest in South Australia’s team of corporate and commercial investment experts has been assembled to drive and I am pleased to launch their first international assignment.”
Created as a cross-government team to connect prospective investors, as well as companies, with investment, business and employment opportunities in the state of South Australia, Invest in South Australia’s FDI strategy will be centred on aligning investors with the region’s key industries. These range from the mining sector to industry support services to infrastructure and high-value manufacturing. These have been highlighted by the South Australian government as essential to the development of the state’s mineral and energy wealth.
Following the recommendations made by South Australia’s Economic Development Board – which highlighted the need for the state to develop a competitive strategy in a globalised market – the Invest in South Australia business unit was one of the first initiatives of the Department for Manufacturing, Innovation, Trade, Resources and Energy, aimed at attracting FDI.