Australia commits $2 million to strengthen investment and supply chains in APEC region
Joint media release: Simon Crean MP, Minister for Trade and Stephen Smith MP, Minister for Foreign Affairs
6 June 2010
The Minister for Trade, Simon Crean, and the Minister for Foreign Affairs, Stephen Smith, today committed $2 million over two years for programs that promote investment and stronger supply chains in developing APEC economies.
“This scheme will support public sector bodies and public universities to directly assist developing economies in the Asia Pacific region,” Mr Smith said.
Australian business will also benefit from more robust and transparent policies, regulations and processes for their foreign investment activities.
“The initiative reflects greater focus on investing in regional production and supply chains. It demonstrates how the private sector is engaging with the region broadly – beyond the traditional model of 'build and ship' trade,” Mr Crean said.
Mr Crean is in Japan attending the APEC Trade Ministers' meeting in Sapporo.
The funding for the programs will contribute to APEC's goal of regional economic integration. It will directly benefit developing economies in the region by improving their ability to attract and sustain foreign investment. It will also complement efforts to help developing economies increase their resilience to turbulence in financial systems.
The $2 million will be allocated from the AusAID-administered Public Sector Linkages Program (PSLP), which provides grant funding to further APEC's mandate of facilitating open and secure trade, investment, development and growth in developing APEC economies. Preference will be given to projects that target more than one developing APEC member economy.
Media inquiries
- Trade Minister's Office: (02) 6277 7420
- Departmental Media Liaison: (02) 6261 1555