Queensland is keen to boost its stable $3 billion trading ties with the Pacific amid ongoing global oil shocks from the Middle East.
The state government has just released a three-year plan to boost trade, investment and political ties with Pacific states.
It identifies New Zealand, Papua New Guinea, Fiji and Samoa as priority markets as they account for more than 90% of the state’s trade with the region; sectors they are targeting include food and agribusiness, education and training, infrastructure, and energy technology.
Trade and Investment Queensland (TIQ) will work with industry to find new business and new regional business partners, the government says.
Trade Minister Ros Bates claims the strategy will deliver much-needed, stronger partnerships close to home.
“In a changing global environment, strengthening ties close to home is essential to building a stronger economy,” she says.
QUEENSLAND ‘WATCHING CLOSELY’
Bates says the state is keeping a close eye on events in the Strait of Hormuz and the disruption to shipping supply chains.
She also says they are advising Queensland businesses to navigate their way around the supply chokehold that the strait has now become.
According to TIQ, Iranian attacks on Qatar alone halted 17% of their liquid natural gas production; Qatar is expected to take five years to recover from those attacks.
It says Qld exporters are feeling the pain in freight and input costs; sea freight to the region remains disrupted with chilled, short shelf-life products like meat and fresh produce most at risk.
TIQ says air freight to the Middle East have also been hit by fuel costs and supply disruption; Australia imports around 90% of its refined fuel while the Middle East produces an estimated 45% of the world’s fertiliser for agriculture.
For details about Queensland’s new Pacific trade plan, visit www.tiq.qld.gov.au
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