The NSW Trade and Investment Strategy 2035 presents an ambitious 10-year blueprint designed to position New South Wales as a globally competitive and resilient economic powerhouse. With an emphasis on diversification, innovation, and global engagement, the plan aims to boost export performance and draw in high-value investment to drive sustainable growth throughout the state.
Strategy Overview
The Strategy sets forth well-defined objectives:
- Grow export value to $245 billion by 2035 (up from $142.5 billion in 2023–24).
- Support 10,000 businesses to scale and enter new international markets over the coming decade.
- Mitigate dependence on a limited range of products and trading partners to bolster economic durability.
These initiatives are aligned with the NSW Government’s three overarching policy missions:
- Deliver secure and affordable housing.
- Achieve net-zero emissions and accelerate the energy transition.
- Strengthen and expand local manufacturing capabilities.
Guiding Principles
Capitalising on NSW’s Unique Strengths
NSW will harness its advantages across sectors, infrastructure, and human capital to elevate its global standing.
Seizing Emerging Global Trends
By staying ahead of global shifts, NSW aims to maintain flexibility and agility in navigating economic and geopolitical change.
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Four Core Strategic Pillars
- Enabling Market Entry for High-Growth Exporters
- Emphasis on small and medium enterprises (SMEs).
- Enhance export readiness and lower entry barriers.
- Promote global market integration and competitiveness.
- Expanding and Diversifying Trade Relationships
- Focus on sectors where NSW has a strategic edge.
- Pursue opportunities in emerging global markets.
- Decrease reliance on a narrow set of export destinations.
- Attracting Capital to Stimulate Innovation and Productivity
- Draw in both domestic and international investment.
- Foster technological advancement and workforce development.
- Reinforce economic stability and long-term performance.
- Accelerating Government Missions Through Targeted Investment
- Channel investment toward priorities aligned with NSW’s economic agenda.
- Focus areas include sustainable housing, energy solutions, and advanced manufacturing.
Priority Growth Sectors
Housing
- Adoption of cutting-edge construction methods.
- Emphasis on modular building and 3D printing.
- Scalable, eco-friendly development models.
Net Zero & Energy Transformation
- Deployment of renewable energy infrastructure.
- Investment in critical minerals and green innovations.
- Establish NSW as a leading center for low-emissions technology.
Advanced Manufacturing
- Growth in high-tech manufacturing and logistics.
- Strengthened supply chains and upskilled labor force.
Agrifood
- Commitment to high biosecurity and quality standards.
- Production of premium, sustainable food products.
- Support for global reputation and market trust.
Defence & Aerospace
- Home to Australia’s largest defence industry cluster.
- World-class research, development, and infrastructure.
- Ecosystem support for startups, SMEs, and major global firms.
Digital & Tech Innovation
- Vibrant startup and tech ecosystem.
- Targeted support for emerging digital enterprises.
- Investment in frontier technologies and digital infrastructure.
International Education
- A preferred hub for global learners.
- Strong institutional foundations.
- A vital contributor to human capital and economic progress.
Life Sciences & Healthcare
- Thriving biotech and medical research sector.
- Opportunities in medtech investment and global collaborations.
METS (Mining Equipment, Technology and Services)
- Advancement of tech-integrated mining practices.
- Support for innovation, R&D, and technical expertise.
Current Trade Landscape
- Nearly half (45%) of NSW’s goods exports are concentrated in three primary markets: Japan, China, and a third key partner.
- Coal accounts for 23% of total export value.
This underscores the importance of diversifying trade and reducing exposure to concentrated risks. The strategy outlines how NSW can leverage its current advantages while venturing into new domains of trade and economic cooperation.
Final Thoughts:
The NSW Trade and Investment Strategy 2035 lays out a forward-looking and adaptable agenda. Through enhanced export capability, strategic investment attraction, and alignment with core government missions, NSW is poised to sustain its role as an economic leader in a fast-changing global environment.
