Treasurer builds trade and investment links with China

Published Wednesday, 23 March, 2016 at 03:45 PM

Treasurer, Minister for Aboriginal and Torres Strait Islander Partnerships and Minister for Sport
The Honourable Curtis Pitt

Treasurer Curtis Pitt says greater trade and investment between Queensland and China will create jobs now and in the future.

 Mr Pitt is in China this week with officials of the Queensland Treasury Corporation to meet key investors, banks and other agencies to strengthen trade and investment ties between China and Queensland.

 “I have been outlining to major banks our Economic Plan to further diversify the post-mining boom Queensland economy and the opportunities it opens up,” Mr Pitt said.

 “I have been promoting investment opportunities in both new and traditional industry sectors including biofuels and renewables, tourism, and agriculture.

 “China ranks number-one as Queensland’s trade partner both for merchandise exports and imports so there is already a strong foundation on which to build more export opportunities for

Queensland and more opportunities for Chinese investors, both of which mean jobs now and in the future.

“I have taken the opportunity to explain to major Chinese banks the benefits of investing in Queensland through initiatives such as our Market-Led Proposals which has already seen three major proposals worth a total of $650 million and generating 1,600 construction jobs undergoing detailed assessment.

“The MLP initiative has had an overwhelmingly positive response from business and investors and there is definitely scope for investment from our major trading partners such as China. 

“Many of the banks I have been meeting already have branches or a presence in Brisbane so they know Queensland offers a stable and secure investment environment. 

“The meeting with the Bank of Communications today follows an event last year where I officially opened the bank’s Brisbane branch office.

 "I'm certainly making it clear the Palaszczuk Government would welcome more Chinese banks establishing an office in Queensland. 

“These meetings are further solidifying the strategic relationship between Queensland and China to drive jobs and economic growth into the future.

 “The existing investments in our state by major Chinese banks are tangible proof of the confidence they have in Queensland’s future so I want to do all I can to encourage more job-creating investments.”

 Mr Pitt said he was also meeting with the National Development and Reform Commission to gain a stronger understanding of China’s foreign direct investment policy and notably the 'One Belt, One Road' strategic initiative.

 “Queensland has a long-standing relationship with China, which has flourished over the past few years and the signing late last year of the China-Australia Free Trade Agreement opens up more opportunities for both sides,” he said.

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