Deputy Premier promotes NSW in Asia

22 June 2012

Deputy Premier and Minister for Trade and Investment Andrew Stoner will visit South Korea and China next week to promote NSW's key trade and investment relationships.

"My visit is about highlighting to potential investors and business partners the many, strong opportunities available to them in NSW," Mr Stoner said.

"I want to build firmer ties with Korea and raise the profile of NSW there, as well as enhance our strong relationship with China. I will be promoting our financial services sector in Korea and China and the digital economy in China because of NSW's competitive strengths in these sectors.

"NSW is growing in importance as an attractive opportunity for trade and investment by Korean and Chinese companies.

"South Korea is NSW's third largest merchandise export market with exports to Korea worth $3.9 billion in 2010-11, an increase of 115 per cent over the previous five years.

"Korean investment in Australia has grown rapidly over the past decade, increasing to $9.4 billion in 2010 which is more than 19 times the low level of 2001.

"China continues to be the economic powerhouse of the Asia Pacific and NSW's largest bilateral trading partner. There is considerable potential for our investment and trade relationship with China to grow further."

Mr Stoner's five-day visit includes Seoul in South Korea and Shenzhen and Shanghai in China.

"My visit is a part of the NSW Government's commitment to enhance international engagement in our key trade and investment markets," Mr Stoner said.

"I'll be meeting senior leaders from government, business and finance during my visit to highlight the State's investment credentials, as well as meeting NSW companies that are succeeding in these two very important markets."