Treasurer backs Tropical Trade House concept

Treasurer Curtis Pitt has thrown his support behind a concept to co-locate a key selection of apex organisations that support trade, investment, international government relations and business development in Far North Queensland. 

At the regional launch of the Palaszczuk Government’s Queensland Trade and Investment Strategy 2017-2022 in Cairns today, Mr Pitt said an opportunity exists to develop a world-class international Tropical Trade Centre in Cairns. 

“There’s no question in my mind that Cairns has the potential to be the world’s leading tropical city but to rival major centres like Singapore, Mumbai and Bogota we need a strategic and global vision,” Mr Pitt said. 

“I envisage this as a flagship centre bringing together consular services, market analysts, international education sector, global legal services and foreign trade agents in one CBD location. 

“Foreign investment increased in all regions of the tropics in the 30 years to 2010, increasing from 0.7 per cent of the Gross National Income to 3.5 per cent.  

“In 2008-09 the Cairns regions’ tropical expertise economy generated export revenue worth $6.4 million, most of which was in international development business management.

“While visits from international investors are frequent, the Tropical Trade Centre will ensure better coordination by becoming the clear first point of contact for efficient and effective engagement with foreign delegations. 

“Cairns is a logical location for such a facility given itsconnectivity to Asian markets through the international airport, shorter flying times and established identity as a global tourism destination. 

“Using digital technology the Tropical Trade Centre will nurture innovation, business development, and international trade and investment.” 

Advance Cairns chair Trent Twomey said the Tropical Trade Centre would facilitate greater collaboration between the public and private sectors to identify, promote and generate investment in Tropical North Queensland.  

“The Trade and Investment Centre will ensure a consistent and coordinated, whole-of-region approach to achieve the best investment outcomes for Tropical North Queensland,” Mr Twomey said. 

“There are opportunities to develop tropical applications in health, environmental management, primary industries, industrial processes and chemicals, tropical infrastructure and urban design.  

“We know that overseas investors sometimes find the complexity and cost of dealing with different levels of government in Australia a deterrent. 

“The collocation of relevant agencies will ensure that the investment process is streamlined, allowing investors to save time and cost.” 

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