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Austrade increases Asian representation



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N °- MT82 Da,e:

AUSTRADE INCREASES ASIAN REPRESENTATION

Austrade's resources in the dynamic Asia/Pacific region will be boosted by 40 percent in the next three years, the Minister for Trade and Overseas Development, Neal Blewett, said today.

Dr Blewett, who assumes Ministerial responsibility for Austrade today, said an additional 63 staff would begin operating from 14 key markets within the region.

He said the re-allocation of resources would assist Australian companies to compete successfully in the world’s fastest growing economic zone.

Austrade representation would be increased in Hanoi, Bangkok, Jakarta, Kuala Lumpur, Manila, Suva, Noumea, Singapore, Hong Kong, Tokyo, Osaka, Seoul, China and Surabaya.

"Austrade estimates that almost 70 percent of Australia’s potential increase in export growth to 1994 will be in North Asia, followed by South East Asia.

"It calculates that over the five year period to 1994 our annual national export sales figures will have increased in real terms by $19.6 billion, or 42 percent, consisting of:

. $10.4 billion to North Asia (up 52%)

. $ 2.8 billion to South East Asia (up 60%)

. $ 2.6 billion to Western Europe (up 34%)

. $ 0.5 billion to New Zealand/the Pacific (up 27%) . $ 1.8 billion to other markets (up 28%)

Dr Blewett said Australia was part of the most dynamic economic region in the world where demand for Australia's goods and services was growing fast.

"Over the last three years, the cumulative growth rates for exports of our more sophisticated manufactures into Asian markets have totalled 93 percent.

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"These figures indicate that Australia’s manufacturing and services sectors are already performing very well in an increasingly competitive global export market.

"And the further boost to Austrade’s resources in this most dynamic region will ensure that Australia continues to compete efficiently and effectively," Dr Blewett said.

November 1, 1991

For further information:

Stewart Foster (Austrade) (02) 390 2340 Pamela Catty (Minister’s Office) (06) 277 7420