New SA trade office in US to grow defence opportunities
Next week’s state budget includes funding for a trade office in Washington to bolster defence and other trade opportunities with the United States.
The US says it will build only one Virginia-class a year until at least 2028, despite the AUKUS deal agreement to supply Australia with at least three from 2032. Photo: AAP/Richard Wainwright
The trade office will mainly pursue opportunities flowing from the AUKUS submarine pact and other defence programs, according to Minister for Trade and Investment Nick Champion .
Funding for the office will be included in next week’s state budget, taking the number of SA trade offices in the United States to four.
There are other offices already operating in New York, San Francisco and Houston.
“As we build on South Australia’s advanced manufacturing capabilities and expand our skillsets to deliver on the AUKUS deal, it makes sense to expand our footprint in the US,” Champion said.
“Our connection with this important trade partner will continue to strengthen, and we want to ensure our state is at the fore when lucrative investment opportunities arise.”
The US is South Australia’s second-largest export market and was worth $1.58 billion in the 12 months to the end of March.
It is also the state’s single largest foreign investor.
The Washington office means greater proximity to the US defence department and the National Aeronautics and Space Administration as SA grows its advanced manufacturing capabilities.
The announcement comes after last month’s decision to establish a trade office in Frankfurt, Germany joining those in the UK, China, India, Japan, South Korea, Singapore, Hong Kong, Malaysia and the United Arab Emirates.
Premier Peter Malinauskas announced the opening of the German office during a four-day trade mission in May.
“Germany is the biggest economy in Europe with a GDP worth more than $4 trillion, so it makes sense for South Australia to have a permanent presence here,” the premier said at the time.
“With the world re-opening post-COVID, it is vital that South Australia has a strong presence in key economies across the world.”
The South Australian Agent General in London, David Ridgway, oversees the European offices.
Ridgway said that the newly signed free trade agreement with the United Kingdom would be of direct benefit to SA.
“It means we can get freer access to UK markets for a lot of agriculture products,” he told InDaily in February.
Treasurer Stephen Mullighan said having a presence in major economies around the world would provide SA with significant investment opportunities.
“This latest expansion builds on the historic AUKUS agreement, putting South Australia front and centre for future investment and helping to create local jobs,” he said.
-AAP
