Australia’s trade and investment development agency, the Australian Trade Commission (Austrade), has announced a sweeping reform of its international operations.
The reform will focus more of Austrade’s operations on developing markets and away from established markets.
“More of Austrade’s work will be undertaken in the world’s frontier and emerging markets, where Australian businesses can benefit most from government support,” said Australia’s trade minister Craig Emerson.
Austrade plans to establish offices in Mongolia and other Central Asian countries, he detailed, as well as expanding current operations in China, Latin America and Africa.
“Until now Austrade has had no permanent presence in a number of these frontier markets, but that’s about to change,” stated Dr Emerson.
“This is where the big growth potential lies for Australian businesses and Austrade will be there to lend assistance.”
As a result of the refocus, however, the Commission’s operations in Europe and North America will be reduced, and will now focus largely on attracting foreign direct investment in Australia.
The Austrade reform is the result of a review initiated last year by CEO Peter Grey, the first of its kind of 20 years, according to the Commission.
Austrade has played an important role for Australia’s horticulture export sector by fostering business relationships and aiding entry to markets, particularly in Asia.
The new focus on developing markets comes at a good time for the country’s horticultural exports, as previously steady markets in North America and Europe face economic trouble and increased competition.
