Why the Territory needs a new international engagement, trade and investment strategy
The Northern Territory is to get a new international engagement, trade and investment strategy.
Northern Territory
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THE Northern Territory is to get a new international engagement, trade and investment strategy.
The Department of Industry, Tourism and Trade (DITT) is tendering for an experienced consultant to develop the new strategy “that will guide growth and development of the NT’s international engagement, trade and investment objectives.”
The current International Engagement, Trade and Investment Plan, which came under the Team NT banner, was originally developed in 2015, and subsequently refreshed in 2018.
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The Industry, Tourism and Trade department says the new international engagement, trade and investment strategy will support the economic growth of the Territory post COVID-19.
“It will set out government’s vision to harness new partnerships and strengthen existing ones, grow trade ties and attract new investment,” a department said.
“The new strategy supports recommendations in the Territory Economic Reconstruction Commission report to invest in key actions that will increase private sector investment, leading to industry growth, business opportunities and sustained and sustainable jobs growth.
“It is integral that we get it right, noting government’s effort to grow the Territory economy from $26 billion to $40 billion by 2030.”
The spokesman could not give the cost of the consultancy.
“This is a tier 3 procurement and the value will be dependent on the consultant’s submission,” the department said.
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The current strategy was developed internally in 2015 and refreshed in 2018.
The current Strategic Plan (2018-2021) will conclude on December 31 and the department said now is the opportune time to develop a new approach as it looks at how business will be done in a post-COVID-19 environment, as well as ensuring the implementation of the TERC recommendations are considered.
The new international engagement, trade and investment strategy is expected to run from 2022-2026.
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