Round-table discussion
The Luxembourg Chamber of Commerce has decided to organize an Economic Mission to Australia , scheduled to take place at the end of March 2014.The Cities which will be visited are Perth, Western Australia and Sydney, New South Wales.
Australia, with a GDP of roughly 1.5 trillion USD in 2012, Australia ranks as the 12th largest economy in the world according to the World Bank. Australia boasts solid growth, low unemployment, contained inflation, very low public debt and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5 per cent a year.
The services sector is the largest part of the Australian economy, accounting for around three quarters of gross domestic product and four out of five jobs. Australia is a leading financial centre in the Asia Pacific region. The Australian Securities Exchange is the 9th largest listed exchange in the world with a market capitalisation of A$1.29 trillion. Australia has an export-oriented economy, with a strong focus on minerals, energy and agricultural commodities. The country’s largest trading partners are China, Japan, the United States, the Republic of Korea, Singapore, the United Kingdom, New Zealand and India.
Trade liberalization and economic reform is at the heart of the new Australian Government policy . Actions have been undertaken in order to further open the market and minimize restrictions on imports of goods and services. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand and the United States and has a regional FTA with ASEAN and New Zealand.
In order to prepare for the planned mission, the Chamber of Commerce invited H.E. Duncan Lewis, Ambassador of Australia to Luxembourg for a Round-Table discussion with Luxembourg companies who have a vested interest in Australia. Most of the 25 Luxembourg companies present have done Business and or Investments in Australia, while the remaining ones see concrete opportunities for the near future. The discussion was held in an informal and interactive way, whereby each company had the opportunity to highlight their operations with Australia but also to assess their experience so far. Ambassador Lewis took position on all points raised and explained the position the new authorities of Australia are pursuing in matters of Trade and Investment policies. The sectors where a mutual cooperation is most likely and mutually beneficial are: Research&Innovation and Development, ICT, Investment Funds, Communication & Information Technology, Construction and Logistics. Most companies present regretted the fact that Luxembourg and Australia do not have yet a Non-Double Taxation Treaty and that this absence puts them in a comparative disadvantage against some of their competitors. Ambassador Lewis promised to do his upmost to inform his authorities about ways on how to enhance the economic relation between the 2 countries. The outcome of this Round-Table discussion was very conclusive and permitted both sides to better understand their mutual interests and was a clear sign that the planned mission to Australia will be very successful and leading towards increased collaborations in various sectors of activities. The meeting was followed by a working lunch at the Chamber of Commerce in presence of the newly appointed Minister of Finance, Mr. Pierre Gramegna.