EXPANDING AUSTRALIA’S GLOBAL FOOTPRINT Austrade operates with a broad mandate, focusing on selling Australia to the world and attracting investments. Palmer emphasizes that Austrade promotes “the amazing products and services that Australia has to offer” while fostering international investment opportunities for Australian businesses. “We work hard to attract productive foreign direct investment and contribute to the Government’s future made in Australia agenda,” Palmer explains. The agency also has a Commonwealth responsibility for tourism policy, a role that dovetails with its broader trade and investment functions. In collaboration with its sister agency, Tourism Australia, Austrade is responsible for making Australia a top business and leisure travel destination. Tourism Australia focuses on creating demand and marketing the country as a holiday and business destination. At the same time, Austrade concentrates on the supply side, ensuring that industry capability and strategy align with national and international goals. Austrade’s reach extends even further, promoting Australia as a destination for international education. “We have an exciting range of functions,” Palmer says, highlighting how its work spans various sectors. SETTING PRIORITIES FOR TRADE AND INVESTMENT Austrade’s strategic priorities align closely with the Australian government’s broader policy directions. For instance, the Southeast Asia Economic Strategy to 2040, authored by Nicholas Moore AO, outlines the importance of fostering stronger trade relationships with Australia’s neighbors, particularly considering Southeast Asia’s growing middle class and rapid economic development. Palmer explains, “The government has set a priority to capitalize on opportunities with our neighbors,” emphasizing the importance of building trade relationships with rapidly growing regional markets. Free trade agreements also play a role in Austrade’s work. The agreements help reduce trade barriers, making it easier for Australian businesses to enter international markets. According to Palmer, free trade agreements are designed to make global commerce more accessible.“When we look at trade and investment, we’re thinking about how we can shore up supply chains and support Australia’s goal of becoming a global energy superpower, all while meeting our carbon net zero commitments,” Palmer says. Critical minerals are another area of focus for Australia, with the government recognizing the importance of these resources to Australia’s economic 87 BUSINESS VIEW OCEANIA VOLUME 06, ISSUE 10 AUSTRADE
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