Investors are spoilt for choice in New South Wales. As the mining boom continues to deliver prosperity across the nation and Sydney builds on its reputation for offering world-class financial and banking services, there is vast potential to be tapped in five additional super-growth areas – agribusiness, gas, international education, tourism and wealth management.
For example, by 2020, NSW’s food and agriculture sector is expected to grow by 35.9 per cent, while billions of dollars continue to be poured into the state’s energy sector in the form of gas exploration and production.
The right time and place to invest
The tourism and education sectors continue to offer compelling investment opportunities. Tourism is a major driver of the NSW economy as Australia’s most popular destination for international visitors, while about 200,000 international students from over 160 countries come to the state’s universities, schools and colleges each year.
The biotechnology, renewable energies and sustainable building sectors are booming in NSW, and offer a unique opportunity to invest in the early stages of the industries of the future. Several of these sectors are backed by government assistance schemes.
By investing in Sydney, businesses can also take advantage of prime industrial properties, superb distribution centres and excellent transport infrastructure.
More than 600 multinational companies have chosen Sydney as their regional headquarters while over A$54 billion is spent annually in private sector investment in NSW.
A supportive environment
NSW Government assists businesses large and small through every stage of their development process. In 2012–13, we facilitated projects expected to create A$1.23 billion in new investment across the state.
The NSW Government is actively working to attract business to the state through initiatives designed to facilitate growth for individual sectors.
For example, the Innovate NSW program provides assistance to businesses in technology-based fields including education, logistics, manufacturing, services and transport.
It also works closely with the NSW Chamber of Commerce, the Federal Government and a number of industry bodies to provide practical and financial assistance to businesses in the state.
Since 2011, the NSW Government has developed Industry Action Plans to attract businesses to the state in six growing sectors: creative industries, the digital economy, international education and research, manufacturing, professional services and the visitor economy.
Industry Action Plans for the agriculture and minerals sectors are due to be completed in 2014. In the mining sector, the NSW Government provides incentives for explorers and has allocated over A$95 million in special funding to this sector over the past 17 years.