NSW Deputy Premier and Minister for Industry and Trade John Barilaro said in a statement on Thursday that the 2020-21 NSW budget will reflect the single largest investment in trade and industry, cementing NSW as Australia's trade powerhouse.
"In 2019, exports were 100 billion Australian dollars (about 72.68 billion U.S. dollars ) and made up 16 percent of the state's economy, which is why this record investment in the trade and industry space is so important to empower NSW businesses to stay competitive in export markets or start exporting for the first time," Barilaro said.
According to the statement, the state government will double the footprint of NSW's international network from 11 to 21 offices, and will appoint an Agent General in Britian and five NSW senior trade and investment commissioners in Tokyo, New York, Mumbai, Singapore and Shanghai.
The government will put investment to provide export coaching, business matching, in-market assistance and export advisory services through the Going Global Program, and to support the international education that is the state's largest service export.
Barilaro said the NSW government would also prioritize industry development through advanced manufacturing to drive growth globally.
"I am determined to boost jobs across the state, and so in this year's budget there is also a strong focus on advanced manufacturing, which makes up almost one third of Australia's total manufacturing output, directly employing around 253,000 people," he said.
NSW Treasurer Dominic Perrottet said the funding in this year's budget would be critical to setting the state on the road to economic recovery in the wake of the pandemic.
"There has never been a more important time to invest in our trade and industries to give NSW businesses the support they need to boost jobs and establish our state as the nation's premier trading hub," Perrottet said.
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