Further opportunities for education and service industries cross the north are expected to flow following the updating of the Singaporean Free Trade Agreement this week.
Northern-based LNP Senator Ian Macdonald said the updated Singapore-Australia Free Trade Agreement (SAFTA) will open the doors for local financial, law, education and engineering professionals to sell their services to the Singaporean market.
“This is an exciting development for our skilled professionals across these industries, especially here in the north.
“Our close proximity to the Singaporean market adds even further weight to the enormity of this opportunity, especially in education, where James Cook University is the only campus with university status in that country,” Senator Macdonald said
Senator Macdonald said Australia exported $1.71billion of professional and business services to Singapore last year.
“As our relationship with Singapore strengthens, as we’ve seen this week with the visit of the Singaporean Prime Minister and the signing of the historic Comprehensive Strategic Partnership, it’s clear we are well placed to capitalise on Asia’s burgeoning middle class, which has the potential to transform our national economy.
“Combined with our own multi-billion dollar plan to develop Northern Australia, we are providing the perfect environment to further develop and refine our highly professional and skilled service industry, which is set to become the envy of markets across the globe.”