- Invest and Trade WA Hub in Austin, Texas funded in 2023-24 State Budget
- New office to support McGowan Government push to further diversify WA's economy, attract new industries and create jobs of the future
- Americas hub will be the sixth in the Invest and Trade WA global network, joining ASEAN, Greater China, India-Gulf, North East Asia and the United Kingdom/Europe
Western Australia's trade and investment relationship with the Americas region will be boosted by the establishment of a new Invest and Trade WA office in Austin, Texas.
The new office is part of the McGowan Government's economic diversification strategy to attract new industries to WA, create a pipeline of work across the State supporting local jobs and local businesses, and set up WA's long-term future.
The 2023-24 State Budget will provide $10.1 million to establish the Americas hub in Austin, which is expected to be operational from early 2024. The new funding will be used for staffing, office accommodation, office setup and operating costs.
An Investment and Trade Commissioner recruited from Western Australia will lead the hub, with support from five locally engaged staff.
The Americas hub will enable the State Government, through Invest and Trade Western Australia, to better service investment and trade leads, facilitate more targeted engagement with industry and government, and respond to new and emerging market and industry opportunities in the region.
The hub will reinforce the McGowan Government's WA Jobs Plan to create new jobs for the future by building a skilled workforce with the capacity for long-term growth. This involves attracting and maximising investment opportunities while positioning WA as the destination of choice for business investment, trade, international education and tourism.
The United States is Australia's largest source of foreign direct investment, with $185 billion in 2021. Canada is the fourth largest source, contributing $58 billion in 2021.
Austin, the capital of Texas, has been selected as the location for the Americas hub as it presents significant investment and trade opportunities for WA across a range of industry areas, including advanced manufacturing, renewable energy, health and medical life sciences, space industries, and creative and digital media technology.
Western Australia and Texas have an existing relationship in the oil and gas industry, as well as similarities in the economic structure and economic development priorities between the two states.
The Americas hub will be the sixth regional hub in the WA Government's global Invest and Trade WA network, joining ASEAN, Greater China, India-Gulf, North East Asia and the United Kingdom/Europe.
For more information on Invest and Trade WA, visit https://www.investandtrade.wa.gov.au
Comments attributed to Premier Mark McGowan:
"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 $8.7 billion.
"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."
Comments attributed to State Development, Jobs and Trade Minister Roger Cook:
"This is another leap forward in WA's diversification strategy to attract new investment while creating the jobs of the future.
"The US is already a significant investor in Western Australia's resources sector, in particular, oil and gas projects.
"Both in the US and other markets in the region, we know there are further opportunities for trade and investment, especially in our priority sectors to support economic diversification.
"A prime example is critical minerals. In 2021, the US Government expanded its list of 'critical minerals' from 35 to 50 commodities. Western Australia has an abundance of these critical minerals, including 24 per cent of the world's lithium, 20 per cent of the world's nickel, and 13 per cent of the world's cobalt and vanadium.
"Through the new Americas hub, the WA Government will be better placed to facilitate and support opportunities to increase production of these commodities. This will help to diversify the State's production and fiscal base, and provide an opening for further downstream processing and involvement in global supply chains."
Premier's office -6552 5000
State Development, Jobs and Trade Minister's office - 6552 6500