Treasurer visits China to attract investment in Queensland

Treasurer and Minister for Trade Tim Nicholls will reaffirm the State’s commitment to one of its largest trading partners by re-signing the Queensland-Guangdong Friendship State Agreement today.

Mr Nicholls, who is in China as part of a fortnight-long Trade Mission throughout Asia, said the agreement was first signed in 2008.

“Its continuation will bring our regions even closer together,” Mr Nicholls said.

“For the first time, China is on track to overtake Japan as Queensland's largest merchandise export market, with ABS data showing Queensland’s merchandise exports to China reached $8.2 billion in the first 11 months of the 2012-13 financial year.”

Mr Nicholls also used his visit to China to speak to leading business people about business migration and significant investor visas (SIV).

“Under the previous Labor Government, in 2011-12 Queensland sponsored only 212 visas, whilst 22,247 State-sponsored places were filled nationally,” he said.

 “As part of the Newman Government’s first State Budget, I announced a comprehensive review of Queensland’s criteria for State-nominated skilled and business migration to reduce hurdles in the business and skilled migration program.

“These changes are already making an impact, with an increase of 40.8 per cent in the number of skilled-migrant nominations since April.

“As part of our commitment to maximise investment that directly benefits Queensland, we now have some of the broadest SIV criteria in the nation.

“Our approach is already delivering positive results, with Queensland nominating the second ever significant investment visa ever issued in Australia.

“Just last week, a Chinese company received approval under the SIV program to invest in a $180 million housing estate in the Queensland mining town of Emerald.

“Last financial year, we saw an estimated $4.6 billion in foreign direct investment from China - a significant increase on previous years.

“We also hosted 261,000 Chinese visitors last year, with an estimated expenditure of $468 million.”

Mr Nicholls said leaders from across the world, including China, would descend on Brisbane in November next year for the G20 Leaders’ Summit.

“We are honoured to have been selected to host this important event, as these nations together set the agenda for the global economy,” he said.

[ENDS] 25 July 2013

Media Contact: Treasurer’s Office +61 7 3224 6900