RDA Hunter CEO, Todd Williams reiterated the importance of the Smart Specialisation for the Hunter Region with the EU Delegation to Australia’s recent release of data showing the EU is Australia’s largest trading partner.

“Our Smart Specialisation Strategy for the Hunter Region is about the Hunter’s competitive advantages. It is a catalyst to deepen our relationship and increase trade with the EU, which is the world’s largest economy.” said Mr Williams  

According to the EU Delegation to Australia,

The world’s largest economy, the European Union, remains Australia’s biggest investment partner – a position it has now held for 15 consecutive years.

The European Union’s Ambassador to Australia, Sem Fabrizi, welcomed the Australian Bureau of Statistics (ABS) 2015 figures released recently that show the level of two-way investment between Australia and the European Union valued at $A1,580 billion (+5% on 2014), or 31% of Australia’s two-way investment stocks, ahead of the United States with $A1,455 billion.

The EU’s total investment stocks in Australia for the year ended 31 December 2015 is $A990.9 billion (+4%). This equates to 33% of total foreign investment in Australia (and 21% of foreign direct investment), exceeding investments from the United States and Japan, as well as being 13 times larger than investments from China.

“The latest ABS figures are another formidable example of the EU’s healthy and mature trade and investment relationship with Australia,” Ambassador Fabrizi said.

“We not only remain Australia’s biggest foreign investor but we are also this nation’s second largest trade partner and first in services.”

Ambassador Fabrizi also expressed satisfaction that this is a two way street, referring to the growing Australian investments abroad.

“The stock of Australian investment in the EU in 2015 reached $A589.5 billion (+6%), or 28% of total Australian investment abroad,” Ambassador Fabrizi said.

“This makes the EU single market, with more than half a billion consumers, Australia’s largest destination for Australian foreign direct investment (A$111.8 billion) and the second-largest investment destination only after the United States (A$594.4 billion).

“But our trade and investment relationship can be further expanded if we are prepared to be ambitious and address together the challenges of the 21st century.

“The negotiations for a possible bilateral Free Trade Agreement between the EU and Australia provide an opportunity to do so.”

Visit https://rdahunter.org.au/initiatives/smart-specialisation

Visit http://eeas.europa.eu/delegations/australia/press_corner/all_news/index_en.htm