China is worth nearly $1.4 billion to the Northern Territory economy. As the region’s second-largest trading partner, growth in Northern Territory exports to China have increased on average by 22 per cent year-on-year according to the Australia China Business Council.
Only five hours flying distance from Darwin, the Northern Territory government has continually maintained its commitment to strengthening its relationship with China. Recently opening its live export market to the China for the very first time, the territory has also held investment seminars in Beijing to promote exploration projects to potential Chinese investors.
Announced in October 2013, Chinese President Xi Jinping unveiled the country’s new Silk Road policy which aims to serve as a modern version of the terrestrial Silk Road Economic Belt, aiming to link more than 65 economies over 4 billion people to form a strategic network of trade and infrastructure development.
Northern Territory Asian Engagement and Trade Minister, Peter Styles, joined more than 90 Northern Territory businesses and stakeholders in September to discuss the territory’s role in the new Silk Road policy. As China continues to grow, so will its appetite for energy and resources; an untapped potential for future Northern Territory production.
Supported by the Northern Territory government, the 6th Annual Northern Territory Major Projects Conference is a forum for government and industry to discuss the latest infrastructure and major projects’ trends taking place within the Northern Territory, especially regarding the role the territory can play in the development of the Asia Pacific region.
Daryl Guppy, President of the Northern Territory National Australia China Business Council, will be presenting at the conference to discuss the impact of China’s New Silk Road Policy on Northern Territory infrastructure and construction. Guppy has extensive experience in Chinese financial markets and is CEO of his own financial market trading company providing political and economic analysis, with offices in Australia, Singapore and China.
Furthermore, the Northern Territory is fast developing as a trade gateway for other parts of Australia, with the Darwin-Adelaide railway helping lift the volume of exports through Darwin port by a factor of thirteen in the past 10 years alone.
The development of infrastructure within the Northern Territory will play a huge role in facilitating this economic network, particularly regarding unexplored opportunities in tourism and agriculture as outlined in the Agricultural Competitiveness white paper.
Jeffrey McAllister, Director General - Office of Asian Engagement, Trade and Investment of the Northern Territory government, will also be presenting at the event to discuss the territory’s role in our unfolding Asian century. McAllister has more than a decade worth of experience in politics and diplomacy, covering a variety of nations and states.
By 2030 it is estimated that Asia will represent approximately two-thirds of the world’s global middle class population, positioning the Northern Territory as a prime benefactor in the facilitation of international shipping and trade.
In November 2014, Chinese President Xi Jinping announced plans to create a $40 billion Silk Road Infrastructure Development Fund, with a focus on establishing infrastructure for the purposes of resource production. This is in addition to the newly created Asian Infrastructure Investment Bank of which Australia became a partner as of March 2015.
Held at the Darwin Convention Centre between the 6th & 7th of October, the two day conference attracts close to 400 delegates annually and is considered the largest major projects conference in the territory.
More details of the conference are expected to be announced closer to date. The 6th Annual Northern Territory Major Projects conference is being held at the Darwin Convention Centre on the 6th & 7th of October.
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