The Northern Territory has a great story to tell – and we’re telling that story more effectively than ever.
A new International Engagement Strategy has been developed by the Territory Government to support the NT’s aim to become a $40 billion economy by 2030 by:
increasing foreign direct investment
increasing the value and diversity of Territory export products and markets
strengthening international engagement with high-priority markets.
The International Engagement Strategy 2022-26, which was developed in consultation with industry and business leaders, puts a compelling case for international engagement, trade and investment – the foundations of the Territory’s economic growth.
Six high-priority markets are identified for trade and investment growth: Japan, Indonesia, Singapore, South Korea, Vietnam and North America (the United States and Canada).
The overarching aim of the strategy is to secure a resilient and prosperous economic future for Territorians.
It outlines a plan to make the Territory a preferred partner for business in an intensely competitive and rapidly evolving global economy.
The strategy is the Territory’s most sustainable, ambitious and engaging plan to expand our global presence while also securing and building on existing business and international relationships.
The strategy says: “We have an opportunity in the Territory that is unique across Australia, given our geographic proximity to Southeast Asia, our biosecurity, natural resources and political stability.
“The Territory offers an attractive environment for investors, incredible propositions for cultural engagement and activity, and a platform for Territorians to transact and build their businesses globally.”
It adds: “Our prospective international partners and customers require tailored propositions that address their specific needs.
“We need to ensure our go-to market approaches echo our target markets’ needs and competitively position the Territory.
“We see an opportunity to align global demand with Territory offerings to international investors.”
The Territory has already attracted multi-billion projects, such as the INPEX Ichthys gas pipeline and production plant, and the Santos-owned Darwin LNG.
Sun Cable is planning the world’s largest solar energy infrastructure network between Darwin and Singapore.
Plans are also well advanced for a new international data centre in Darwin.
The Territory is a significant contributor to Australia’s international trade, demonstrated by our share of the country’s natural gas, mining and live cattle exports.
The Territory has only 1 percent of Australia’s population but accounts for 20 percent of the country’s exports of zinc ores and concentrates, 6 percent of live animal exports and 3 percent of aluminium products.
Showcasing the Territory’s Aboriginal cultures as central to value propositions is a key focus of the strategy, and increasing awareness of the value of Aboriginal cultures in international markets will be key to success internationally.
Read the strategy at theterritory.com.au