CCIWA CEO Chris Rodwell
International trade and investment opportunities for WA business are set to increase with a WA trade office opening in Austin, Texas.
The government’s announcement on 24 March coincided with the launch of the ‘WA Investments’ website, representing a twofold gain in one day for WA inbound investment opportunities.
CCIWA CEO Chris Rodwell hailed a trade office in the United States a “big win for WA businesses and will help us build a bigger, more competitive and diverse economy”.
Opening a trade office in Austin was a recommendation CCIWA made in its 2023-24 Pre-budget Submission.
This will be WA’s first trade office in the Americas, with five bases already in South East Asia, China, India-Gulf, North East Asia and the United Kingdom/Europe. The sixth office will help strengthen WA’s investment and trade relationship with North and South America.
“Confirmation of WA’s trade presence in the Americas, with an office located in Austin, Texas, levers off WA’s strong relationships in the energy sector, while opening new horizons across sectors like advanced manufacturing, defence, renewables, life sciences, digital, space industry and more,” Rodwell said.
“While many WA companies have long established links into the US and vice versa, there is an opportunity for a new surge of activity that responds to changed geopolitics and other meta trends.
“It should also help provide critical intelligence on how economies across the North America are developing, ensuring we are well positioned from a regulatory perspective to secure strong flows of capital. This is especially important given the major shifts occurring across the global economy in areas such as decarbonisation and artificial intelligence.”
An Investment and Trade Commissioner recruited from WA will lead the hub, with support from five locally engaged staff.
The United States is Australia’s largest source of foreign direct investment, with $185 billion in 2021. Canada is the fourth largest source, contributing $58b in 2021.
WA Premier the Hon Mark McGowan MLA said: “They say ‘everything is bigger in Texas’ and we are confident that establishing our Americas hub in Austin will lead to bigger and better investment and trade opportunities for Western Australia.
“In 2022, the US was Western Australia’s six largest trading partner, with total trade worth around $8.7b. The new hub will tap into this significant potential to grow our relationship across a range of sectors, and explore opportunities in other markets across the region, outside of the US.”
CCIWA’s International Trade and Investment Centre (ITIC) helps businesses reduce the time, cost and risk of going global. Contact the team for a free consultation on (08) 9365 7620 or via [email protected].
