Measures to attract overseas investment

The Western Australian Government has announced an economic development package aimed at attracting overseas investment and involvement to this State.

The package of 57 measures, released on 12 February, focusses particularly on the State's major trading partners in Asia.

The measures include investment incentives, lower infrastructure costs, streamlined approval procedures and a trimming of the size of Government.

The day after the announcement, the State's major morning newspaper, The West Australian, carried a front page headline: 'Lawrence stakes future on growth'.  An inside page report was headed: 'Unions, business pour on the praise'.

In releasing the economic package, Premier Dr Carmen Lawrence told more than 100 business people: "The Asia-Pacific trading area is growing faster than any other region in the world - and with our goods and services closely matched to the needs of Asian economies, we have a great opportunity to grow with them.

"Two-thirds of our overseas trade is now with Asia, and the proportion is increasing all the time, as well as the amount; so too is the diversity of our export profile, which now includes not only bulk commodities, but also a wide range of fresh produce; advanced materials, education, health, software engineering and other services.

"This is only the start.  The Government has decided to undertake a number of specific initiatives to capitalise on our position in the Asia-Pacific region.  What is also requires, however, is a realignment of our thinking towards Asia, and a steady building of the links between us.

"If we are to expand our trade with Asia, we must also expand our knowledge and understanding of its cultures and languages."

Dr Lawrence said international corporations would be offered attractive incentives to establish their South-East Asian headquarters in Perth, the fast-growing capital city of Western Australia.

Attractive relocation and leasing packages would be targeted at specific companies to encourage them to consider the State for their regional base.

"Western Australia's proximity to Asia, political stability, infrastructure, lifestyle and skilled workforce make it an ideal location for the regional headquarters of many trading and resource based companies," Dr Lawrence said.

"Western Australia is world-renowned for its rich mineral resources, but its assets are far wider-ranging.  The Government has made a clear commitment to capitalise on those assets by marketing them aggressively through incentive packages such as the one proposed."

Western Australia is one of the world's major sources of minerals.

The State supplies around one-fifth of world alumina, 40 per cent of world diamonds, and around 10 per cent of the world iron ore and nickel. The state is also a key international production of gold and mineral sands, and is becoming an increasingly significant exporter of oil and gas.

Western Australia plays a crucial role in the international economy, not only due to its current production levels of minerals, but also because it has such extensive reserves of critical minerals.

The package will encourage the down-stream processing of those resources.

Some measures were:

·         a fast-tracking approval system headed by a Strategic State Projects Unit;

·         streamlining of environmental and Aboriginal heritage legislation;

·         support for a $2 billion privately-funded coal-fired power station at Collie.

·         restructuring WA's energy-supply services.

·         financial incentives to encourage businesses to invest in strategic export-oriented industries trebled to $30 million;

·         a new investment attraction program;

·         lowering the employment (payroll) tax;

·         a major conference to be held in Perth in October to promote trade and investment within the Asia-Pacific region;

·         a hospitality and tourism college of excellence to be established to cater for the increasing demand for quality hospitality and tourism staff;

·         establishing a cultural tourism development program in the WA Tourism Commission to promote cultural activities as tourism attractions.