NSW to open international office in London
15 November 2011
The NSW Government will expand its international presence with a new business office to be opened in the United Kingdom in the next few months, Acting NSW Premier and Minister for Trade and Investment Andrew Stoner announced today.
Mr Stoner said the Government intended to open an office in London by March next year. "London is a global business hub and one of the world's leading financial centres, making it an ideal location for an international office.
"The UK is the second largest source of total foreign investment in Australia, our fifth largest two-way trading partner and our leading EU trade partner. It is also one of NSW's most lucrative export markets, delivering substantial value to the State's economy.
"These economic ties are strengthened by the reciprocal travel and migration flows between our two countries.
"The London office will drive investment, and promote exports and the R&D capabilities of our key industry sectors including financial services, clean technology and health and medical services. Building on the large base of existing investment also gives us the opportunity to focus on reinvestment by British companies.
"Despite global economic uncertainty, the UK will continue to offer significant opportunities for NSW, particularly with its proximity to the EU, which has a combined GDP greater than the United States. London remains one of the world's leading financial centres.
"Establishing an on-the-ground presence will allow the NSW Government to effectively promote, access and maintain key corporate and government relationships and match NSW strengths to opportunities in the UK. It is important to be proactive regardless of economic cycles and in fact, developing relationships in market downturns means we will be better placed to respond to changing market conditions."
Mr Stoner said the office would be up and running in time to take advantage of key business events coinciding with the London Olympics and to showcase NSW companies that are involved in the event.
He said the opening of the London office would increase NSW's network of international business offices to six, after announcing in October that a San Francisco office is due to open in January.