A joint report between the UK and Australia has been released, detailing the potential of the investment relationship between the two countries. The report follows the creation of a UK-Australia Trade Working Group in 2016, established to explore how to progress the trade and investment relationship.
As the report highlights, two-way investment totalled $815 billion AUD from 2010-2017. 18 companies that contributed to this two-way investment, from startups to multinational corporations, were profiled in the report. One of the featured success stories was Australian-based, CSL, whose subsidiary Seqirus focus on the production and supply of the influenza vaccine. The Thames Valley is proud to be the home of the second largest influenza vaccine provider in the world, with their headquarters and global research and development program located in Maidenhead.
Seqirus are one of a significant cluster of companies in the Life Sciences and Healthcare sector based in the Thames Valley.
Read more here.
An FTA between our two nations, close allies with deep historical and people-to-people ties, will support the economic recovery from COVID-19 and take our bilateral trade and investment relationship to the next level.
The FTA will be ambitious and comprehensive. It will contribute to economic growth and job creation, drive increased two-way trade in goods and services worth £18.1bn in 2019, and encourage two-way investment. The UK was the second largest direct investor in Australia and the second largest recipient of Australian Foreign Direct Investment in 2019. UK FDI in Australia was £35.6bn and Australian FDI in UK was £15.9bn in 2018. It will be a modern agreement with best-practice trade rules on emerging and increasingly important issues, including digital trade and innovation, and will include outcomes that benefit the small and medium-sized enterprises who already sell goods and services between our countries, as well as encouraging more to do so.
*Department for International Trade – Press Release. Read more, HERE.
The DIT has also supported Australian entrepreneurs in helping to take their companies global through the Global Entrepreneur Programme’s Startup Games.
Watch the video to the left to hear The Bakery’s Andrew Humphries, who boasts a facility on SEGRO’s Slough Industrial Estate, and HMG Consulate General Michael Ward, discuss the benefits of an Australian-UK collaboration.
To accelerate the set-up of their operations, the Department for International Trade has brought the 10 Australian UK Tech Rocketship Award winners to the UK.
The winners will take part in a tailored programme of meetings, networking events and workshops, connecting Australia’s fast-rising tech stars with the UK’s world-leading growth eco-system of advisors, customers and support networks.
“I am delighted to be back in London to personally welcome our Tech Rocketship Award cohort from Australia. The UK has one of the most vibrant and innovative tech ecosystems in the world backed by our industrial and digital strategies. With more VC investment and unicorns than anywhere else in Europe – it’s the natural next step for ambitious Australian and New Zealand tech companies. We are very excited to be supporting our Tech Rocketship winners and we look forward to their UK success.”
Natalie Black, Her Majesty’s Trade Commissioner, Asia Pacific
Inward investment from Australia and New Zealand grew 19% in the 7 years to 2017 and was the source of 95 new projects in 2017 alone.
New Zealand exports to the UK are estimated at £1.6 billion in 2017.
The UK is the fifth largest market for total exports from New Zealand and the ninth largest source market. Imports of goods and services from the UK were worth over £1.1 billion in 2015.