- McGowan Government launches Future State: Accelerating Diversify WA
- Strategy identifies strategic global export opportunities for WA
- Builds on the WA Government's commitment to deliver a smarter, more sustainable and diversified economy
The McGowan Government has released a targeted export investment strategy as part of its commitment to a more sustainable and diversified economy.
Future State: Accelerating Diversity WA focuses on the most significant opportunities to drive international investment to support WA's transition to a cleaner, greener, technologically applied economy.
The strategy accelerates the objectives of Diversify WA, Western Australia's economic development framework, which identified the priority sectors for growth - energy, tourism and events, international education, defence industries, mining and METS, space industries, health and medical life sciences and primary industry.
Future State takes this diversification strategy to the next level. It has been developed in response to increased interest from investors, industry and international governments following the rollout of the WA Government's $195 million Reconnect WA package.
The strategy nurtures WA's unique strengths in resources and manufacturing, while targeting diversification opportunities in industries experiencing extraordinary global growth.
It aligns and fast-tracks the focus of government and industry to increase WA's competitiveness while supporting the State's industries to scale up and move further along the value chain.
The strategy identifies nine more targeted opportunities to accelerate the economic diversification of WA:
- renewable hydrogen production and scaling;
- advanced critical minerals processing;
- development of carbon capture, utilisation and storage projects;
- decommissioning of oil and gas infrastructure;
- high-value food and beverage production;
- naval shipbuilding, sustainment and maintenance;
- manufacture of medical products and digital health devices;
- manufacture, utilisation and maintenance of space and cross-sector technologies; and
- regional tourism destination development.
The strategy also focuses on the key enablers that will be needed to unlock economic development across multiple sectors. Developing and investing in these enablers will help accelerate the growth of each of the targeted diversification opportunities and ensure Western Australia is business ready.
The McGowan Government, through Invest and Trade WA, will promote the opportunities highlighted in Future State through its growing network of international offices and support the strategy's implementation through initiatives such as the newly launched WA Investments website and the Investment Attraction Fund (IAF).
Future State: Accelerating Diversity WA is available from https://www.wa.gov.au/government/publications/future-state
Comments attributed to State Development, Jobs and Trade Minister Roger Cook:
"The WA Government is committed to securing the State's economic prosperity now, and for generations of Western Australians to come.
"The race is on for WA to ensure we remain as front-runners in the global economy. This strategy will ensure we attract global investment in the clean transition, which topped USD 1 trillion dollars last year.
"We know that one way we can support the development of a strong and diversified economy that delivers secure, quality jobs for the future, is by attracting investment into a range of priority export sectors.
"Future State aims to increase awareness, particularly among international investors, of Western Australia's strengths, competitive advantages and strategic opportunities.
"Building on the success of the first round of our Investment Attraction Fund, the next round will focus on some of our most exciting opportunities, supporting the growth of our new energies industries such as hydrogen, providing green, reliable energy sources to the world while creating local jobs."
Minister's office - 6552 6500