Trade and Investment Queensland capabilities enhanced

Trade and Investment Queensland (TIQ) will become a statutory authority from October 1 this year, as recommended in a comprehensive review of the agency.

Treasurer and Minister for Trade Tim Nicholls said the independent review of TIQ, announced late last year, was carried out by international businessman Geoffrey Thomas and former Trade Minister John Mickel.

“As recommended by these two highly respected individuals, TIQ will be refocused to become Queensland’s shop front to the world,” Mr Nicholls said.

Mr Nicholls said TIQ would become a statutory authority, with its own board, to enhance its capabilities.

“Freeing TIQ from the confines of departmental process will allow the organisation to focus on its core role of assisting Queensland businesses and attracting investment,” he said.  

“Two-way trade is vital to the Queensland economy. It creates jobs and strengthens our business and diplomatic ties.”

Mr Nicholls said TIQ’s overseas network would be enhanced with greater resourcing and the opening of a new office in Jakarta.

“An Association of South East Asian Nations (ASEAN) Trade Commissioner, based in Jakarta, will be responsible for opening local export and investment channels for Queensland businesses,” he said.

“Fostering an export culture in Queensland will help the State become more resilient to external pressures and competition, and will encourage greater innovation through research and development.”

Mr Nicholls said a major role of TIQ going forward would be attracting foreign investment to Queensland.

“Foreign investment is vital to helping Queensland industries maintain their international competitiveness. It helps create a highly skilled workforce and drives improvements in productivity,” he said.

“As outlined in the Independent Commission of Audit’s final report, increasing productivity is the key to growing the Queensland economy and repairing the State’s finances.”

The review is available online at www.treasury.qld.gov.au/tiq-review

[ENDS] 6 June 2013

Media Contact: Treasurer’s office 07 3224 6900