Driving international engagement and economic opportunities for the Territory
Manison, Nicole Susan
Australian Labor Party
Media Releases for 14th Assembly 2020 -; Media Releases; ParliamentNT
Made available via the Publications (Legal Deposit) Act 2004 (NT)
Economic development; International commerce
Northern Territory Government
Issued as a Media Release
Northern Territory Government
The Territory is a world-class investment destination in key sectors FOREIGN INVESTMENT CONTINUES TO BE A MAINSTAY OF GROWTH FOR THE TERRITORY International investment means greater growth for the Northern Territory economy, and foreign direct investment (FDI) has played a significant role in the Territorys growth. Past examples of inbound foreign investment into the Northern Territory include investment by INPEX Corporation, Japans largest oil and gas exploration and production company, into a multi-billion-dollar gas project in Darwin. The INPEX-led Ichthys LNG project will provide a $2.8 billion boost to the domestic economy between 2020 and 2030, an average of $251 million per year. Australian businesses supported by FDI hold $2.7 trillion in assets almost a quarter of Australias total assets. They contribute to more than a quarter of Australias economy $286 billion in Industry Value Add. Furthermore, one in ten jobs in Australia are reliant on FDI, employing 1.2 million people. Data on inbound FDI into the Territory is not publicly reported, however, we know that the Territory attracts a small proportion of private investment in Australia. Private investment in the Territory comprised one per cent of all private investment in Australia in 2020/21, with key investment going into construction, machinery and equipment, intellectual property development and agriculture. The Territory will achieve this by: Establishing a strong and strategic approach to winning investment Focusing on the sectors that will drive sustainable growth, diversify the economy, move up the value chain and create jobs Emphasising the investment opportunities in the Territorys regions and with Aboriginal economic leadership Actioning the enablers that support investment. How we will know we have succeeded: New investment is delivered in the Territory, creating jobs Territory industry, businesses and government working together to engage in trade and attract investment. INTERNATIONAL ENGAGEMENT STRATEGY 12
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