Special Zone call as Investment Summit targets sustained economic growth

Canberra has been called on to do its bit to grow the NT economy. Read what the Feds should do.

An organisation made up of Darwin’s largest local investors has called for the introduction of a special zone status to attract workforce and business to the Northern Territory.

Darwin Major Business Group deputy chief executive Peter Savoff said addressing the issue of liveability would be at the heart of sustained economic growth across the Territory - and the Commonwealth had a part to play to achieve that.

Speaking during a break at the Northern Territory Government’s NT Investment Summit, Mr Savoff said increasing population growth and retention would be “front-and-centre” in achieving sustained economic growth across the Territory.

“There’s a lot of challenges and I think we’re trying to address them all, but probably the population is one of the most important,” Mr Savoff said.

“We actually have to make liveability, which is one of the platform’s of the new government, really front-and-centre, both for domestic migration and also to work with the (Commonwealth) to get them to ease up and maybe give us special zone status when it comes to immigrants coming to work here.”

Investment summit Business Minister Robyn Cahill and Darwin Convention Centre chief executive and Darwin Major Business Group deputy ceo Peter Savoff.

Under Australian Taxation Office rules, isolated locations within zones are known as special areas.

A special area is one that is more than 250 km by the shortest land route, from the nearest population centre of 2500 or more people.

He said DMBG’s involvement in the NT’s first ever Investment Summit added valuable private sector experience to the interstate and international business players who travelled to Darwin to participate.

Darwin Major Business Group was established in 2014 and consists of 19 large Darwin businesses and organisations that have made long contributions and investments in the NT economy.

“DMBG is here to give the government and the people attending the summit today the confidence that if you consider doing business in the Northern Territory, not only do you have the support of government, but you’ve got all of the intellectual property of private enterprise there to support you.”

Mr Savoff said a positive outcome from the summit would be boosted tourism investment.

“There’s been a lot of talk about the natural resources sector but personally, I come from the Convention Centre and tourism industry, and so I’d really like to see some major investments to refurbish and renew our tourism sector in the NT,” he said.

Business and Asian Relations Minister Robyn Cahill said the summit would give participants the chance to learn about the NT Government’s plans to grow the economy and build business.

“We are absolutley the place to be,” she said.

“We have all of the elements that will need to be successful in this space. We have the energy, we have the land we have the expertise. Today is the day where the Northern Territory is absolutely landing its future growth into agribusiness, energy, mining, defence and this is what it’s all about.

“We are so excited to have these people in the room with us today.”

Originally published as Special Zone call as Investment Summit targets sustained economic growth