Positioned at the gateway to the Indian Ocean, international trade and investment has long been the lifeblood of the Western Australian economy.
Building on the Diversify WA economic framework, Future State focuses on the most significant opportunities to drive international investment to support WA’s economy. Future State nurtures WA’s unique strengths in resources and manufacturing, while targeting diversification opportunities in industries experiencing extraordinary global growth.
Our vision is for the State to be globally recognised for its unique set of strengths and capabilities and highly sought after as a place to live, visit, study and do business across a range of industries.
Our approach to diversificationShow more
Future State provides a targeted, holistic, whole-of-government approach to attracting investment and growing trade opportunities that will enable Western Australian industry to become smarter, more sustainable and diversified.
1. Unlocking opportunities
Future State identifies a select number of targeted diversification opportunities for strategic investment that match Western Australia’s unique strengths with global trends to support growth across the economy.
2. Enabling investment
Future State recognises the importance of activities that will improve value and productivity across multiple sectors of the external-facing economy
3. A short-term strategy for long-term growth
A number of identified opportunities may not be export-ready in the short term. However, by playing to our strengths and investing in new and emerging industries and markets now, we will ensure the foundations needed for Western Australia’s economic future are established and ready.
Targeted diversification opportunitiesShow more
9 targeted, sector-specific diversification opportunities have been identified based on their alignment with key global trends, potential for strong economic and social benefits, synergies with existing government commitments and industry investment and capability.
- Production and scaling of renewable hydrogen
- Advanced critical minerals processing
- Manufacture of medical products and digital health devices
- Decommissioning of oil and gas infrastructure
- Naval shipbuilding, sustainment and maintenance
- Development of regional tourism destinations
- Manufacture, utilisation and maintenance of space and cross-sector technologies
- Development of new carbon capture, utilisation and storage projects
- Value-added food and beverage production
Enabling Western Australia to be project readyShow more
7 cross-sector enablers have been identified for their ability to unlock economic development across multiple sectors. Developing and investing in these enablers will help accelerate the growth of the targeted diversification opportunities and ensure Western Australia is business ready.
- A skilled and productive workforce
- Environmental, social and governance frameworks
- Science, innovation and technology
- Advanced manufacturing capabilities
- Key infrastructure and project-ready land
- Policy and regulatory frameworks
- Investment and trade ecosystem