Alexander Downer campaigning for British investment in Australia

ALEXANDER Downer has only been in London for two days but the newly-appointed High Commissioner already has a plan to bring foreign investment to Australia.

AUSTRALIAN diplomats are to target the lucrative British pension funds for investment in Australia in a concerted bid to invigorate the economy.

Newly-appointed High Commissioner to London Alexander Downer has only been in the country two days, but has robustly declared he could see the potential for a foreign investment injection Down Under.

Speaking publicly for the first time at Australia House in London overnight, Mr Downer said “real determination to get things going” had already been shown by his home state of South Australia — which had attracted 126 direct foreign firms to base themselves there providing access to global supply chains — in what was a model for the rest of Australia.

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The British economy is in a purple patch at the moment with predictions wages are set to outstrip inflation, benefiting from staying outside the still struggling eurozone.

Last month the International Monetary Fund raised the country’s growth forecasts more than for any other major economy in the world.

It has been widely recognised that the British pension and insurance funds have up to $80 billion they could invest in public-private projects, not just in the UK but abroad.

Mr Downer told the gathered British and London-based Australian business leaders and dignitaries at the black tie South Australian Club business network forum Australia needed to tap into that now.

“The UK has that potential and I will encourage pension funds to invest in Australia,” he said.

He added there had never been a better time to look to leverage cultural ties for investment, revealing he had yesterday met with UK’S Foreign Minister William Hague who said there was no country in the world more like-minded to Britain than Australia.

“It’s time to take that relationship onwards and upwards,” he said.

At the function Mr Downer spent time talking to Liberal strategist Lynton Crosby, currently working with Prime Minister David Cameron for the 2015 federal elections, and Adelaide artist Richard Maurovic who was in London after being asked to exhibit at the prestigious Saatchi Gallery of contemporary art in London.

Originally published as Alexander Downer campaigning for British investment in Australia