SA launches landmark trade and investment strategy

The Malinauskas Government has today launched South Australia’s Trade and Investment Strategy to 2030 – the most comprehensive strategy of its kind ever released for South Australia – to attract investment and increase exports amid global trade uncertainty.

It has been designed to coordinate effort across government and industry to boost the state’s economic growth through improved export and investment outcomes in global markets where South Australia has competitive advantages.

This includes emerging growth markets such as India, the fastest growing economy in the world, and Southeast Asia, home to a rapidly expanding middle-class.

The Strategy outlines targets to capture a larger share of national exports, attract high-impact investments and create more jobs, specifically by:

1. Increasing exports as a percentage of South Australia’s economic output from 15.4 per cent to 18 per cent.
2. Increasing investment as a percentage of national Foreign Direct Investment share to five per cent and increase the diversity of the source countries.
3. Increasing the number of South Australian exporting businesses and increase the diversity of exporters across sectors.
4. Improving trade and investment outcomes for First Nations, regional and women-led businesses.
5. Increasing the number of South Australian jobs linked to export and investment.

Up to 230,000 South Australian jobs are linked to exports, while 23,650 jobs have been created through $20.1 billion in capital investment in the ten years to 2023-2024.

In the three years since it was reestablished by the Malinauskas Government in mid-2022, Invest SA has attracted nearly $3 billion of investment into South Australia.

The Strategy, led by the Department of State Development, details a set of strategic pillars, programs and initiatives - including the recently announced $3.9 million Global Wine Growth Program.

The two-year export support program, which will be co-designed industry, in partnership with the South Australian Wine Industry Association (SAWIA), will provide an uplift in support for local wine exporters as ongoing challenges continue to impact the global trading environment.

As a key sector for South Australia, the wine sector will drive offshore engagement through targeted business missions - supported by government and industry partnerships, leveraging major events and utilising government trade advisory services.

Other key sectors identified in the Strategy include food and agribusiness, renewables, defence and space, tourism, mining and mineral processing, international education, critical and emerging technologies, health and medical.

For more information on South Australia’s Trade and Investment Strategy to 2030 visit: www.statedevelopment.sa.gov.au/TIStrategy.

Quotes

Attributable to Joe Szakacs

Our state is on the cusp of a generational opportunity to expand our economy – for the benefit of all South Australians.

Our economy continues to grow strongly and in the last year has outpaced every other state.

To harness our strengths, we are launching the most comprehensive plan of its kind in the nation.

While global trade instability creates challenges, it also can create opportunities – but only if we choose to act quickly and decisively.

We know that South Australia has what the world wants, and we are telling the world: South Australia is open for business.