Queensland Trade and Investment Strategy 2022–2032
Trade connects Queensland with the world and the world with Queensland. It builds international relations, drives economic prosperity and stimulates innovation. Harnessing the collective efforts of government, business and industry, the Queensland Trade and Investment Strategy 2022-2032 will evolve our established economic strengths and grow new industries.
Exports already support one in five Queensland jobs. The implementation of this $150 million Strategy will help to create additional jobs and deliver greater economic benefits for Queensland.
The Strategy will harness Queensland’s prime location at the crossroads of the Asia-Pacific – close to the world’s fastest growing markets – and assist Queensland businesses to evolve to meet changing worldwide demand.
The trade landscape is dynamic and global shifts and trends are reshaping international market demand for our products and services. Queensland needs to continue expanding our expertise and knowledge to meet new demand in the global economy.
The Strategy was developed in collaboration with Trade Steering Group (TSG) member agencies and through extensive consultation and inputs from clients, government and industry leaders. This included:
- More than 20 roundtables across 10 regional and metropolitan locations, with 230 clients and stakeholders (including local councils)
- Two industry forums with more than 40 participants
- Regular meetings and collaboration with 11 Queensland Government agencies (Department of Agriculture and Fisheries; Department of Employment, Small Business and Training; Department of Energy and Public Works; Department of Environment and Science; Department of Premier and Cabinet; Department of Regional Development; Department of Resources; Department of State Development, Infrastructure, Local Government and Planning; Department of Tourism, Innovation and Sport; Manufacturing and Water; Queensland Health; Queensland Treasury)
- Regular meetings and collaboration with Austrade and the Department of Foreign Affairs and Trade
- An independent survey of 250 exporters
- Individual meetings with industry groups and key stakeholders between May and September 2021.
With Brisbane’s Olympic flame burning bright in 2032, the Strategy will help facilitate Games trade and investment opportunities for the benefit of all Queenslanders.
This Strategy will ensure the state government’s world-wide business agency Trade and Investment Queensland (TIQ) is strongly positioned to continue its vital work supporting Queensland businesses to export and attract investment now and for the next 10 years.
Positioning Queensland for continued prosperity
Queensland’s trade and investment success is built on the skills of our people and value of our natural assets. The 2022–2032 Strategy aims to maximise existing strengths and develop new capabilities to help Queensland businesses to adapt, thrive and grow by:
- leveraging international opportunities
- driving diversity and value
- creating jobs
- championing worldwide success.
Queensland’s priority industries remain key to our trade and investment profile. They will continue to evolve to meet global demand by diversifying products and services, as well as value-adding through specialist knowledge, technology and innovation.
Queensland will foster future industry development and growth by leveraging partnerships and investment to commercialise local knowledge and traditional strengths across priority industries:
Queensland’s international network connects exporters with opportunities in both established and growth markets. While ongoing challenges from the COVID-19 pandemic and geopolitical tensions will influence future trade activity, Queensland has a strong foundation which will allow our priority industries to strengthen to grow exports.
Queensland has 14 priority markets reflected in our international network and export priorities across both established and growing industries: China, Europe, Hong Kong, India, Indonesia, Japan, Korea, Latin America, Middle East, New Zealand and the Pacific, North America, South East Asia, Taiwan, and the United Kingdom.
Queensland’s focus in building sustainable exports over the long-term will be informed by:
- Strengthening engagement with major trading partners in Asia – ongoing connection with China, our largest trading partner, and continued collaboration with long-standing partners Japan and Korea, to meet new demand including food and energy security solutions.
- Fostering new partnerships with growing Asian markets – exploring further opportunities in India as well as South East Asia to meet demand from the rise of the middle class and increasing urbanisation.
- Building deeper ties with traditional partners and leveraging FTAs – pursuing exports in growth areas of strategic interest with Europe, the United Kingdom and the United States in sectors including advanced manufacturing, biotechnology and energy and leveraging new trade opportunities created through FTA’s.
- Expanding relationships in markets to harness Queensland expertise – building on strong relationships to support increased trade outcomes in markets such as Latin America and the Middle East to meet new demand from digital and economic transformation.
Queensland Trade and Investment Strategy 2017–2022
The Queensland Trade and Investment Strategy 2017–2022 sought to position Queensland as Australia’s most innovative and dynamic trading economy – and a magnet for global investment.
The strategy responded to global megatrends – like the burgeoning Asian middle class, pressure on natural resources, and digital disruption – setting out a blueprint to meet these challenges and match what the state has to offer with what the world needs. It detailed initiatives to:
- build Queensland’s already strong export culture
- help businesses expand their export activity
- drive investment in new projects and infrastructure
- create secure, high-paying jobs, and
- and open up access to lucrative foreign markets.
Through the Strategy implementation, TIQ has made some major contributions to the Queensland economy and the success of the state’s SMEs, including those based in regional areas. More than 300 export and investment outcomes, valued at over $540 million can be directly attributed to TIQ’s activities under the Strategy.
There were two aspirational targets of the 2017–2022 Strategy, with status updates shared below:
- Increase Queensland’s share of national overseas exports to 22% and maintain through to 2022
- Queensland was on track to meet this target until the unprecedented COVID-19 pandemic that dented Queensland’s trade performance relative to other jurisdictions. In 2021-22, Queensland is once more on track towards achieving this target.
- Increase the number of investment outcomes facilitated by the Queensland Government by 20% by 2022
- Queensland Government is on track to meet this target thanks to the number of investment deals growing by 22% per cent to 2020–21. The target is expected to be achieved in 2021–22.
There were 22 initiatives under the 2017–2022 Strategy, all of which were achieved. Notable programs introduced included:
- the emerging international business leaders program
- a TIQ international internship program
- a case management service for exporters and investor
- industry-led international trade missions
- development of Queensland business consortia
- cross border e-commerce training
- attracting investment workshops
- regional trade and investment action plans
- several grant programs.
A number of publications were produced and released, including market-specific, sector-specific, and an overarching Investment Prospectus.
Throughout the life of the 2017–2022 Strategy, TIQ expanded and strengthened its overseas network, to provide on-the-ground representation for Queensland businesses.