Ms MARYANNE STUART (Heathcote) (12:53): My question is addressed to the Minister for Industry and Trade. Will the Minister update the House about the Sydney Investment Summit held in late October and how increasing investment in New South Wales helps deliver more jobs and a better future for our State?
Mr ANOULACK CHANTHIVONG (Macquarie Fields—Minister for Better Regulation and Fair Trading, Minister for Industry and Trade, Minister for Innovation, Science and Technology, Minister for Building, and Minister for Corrections) (12:53): I thank the member for Heathcote for her question. She is always working hard to deliver more for her local community. There has never been a more important time or a better time to invest in New South Wales. Members on this side of the House want the world to know that New South Wales is open for business. A strong, globally connected economy means more jobs and more opportunities for growth for the people of New South Wales. Events like the Sydney Investment Summit in October set New South Wales up to compete on a world stage.
The summit was a flagship initiative proudly hosted by the New South Wales Government and the Citi A50 Australian Economic Forum. It saw senior business and political leaders from Australia join key institutional investors from North America, Europe, Asia and the Middle East. The summit showcased Sydney's strengths as an investment location to major international investors. Australia's $4 trillion in superannuation is widely seen as a source of soft power for our nation around the world. Events like the summit show how Sydney can continue to attract and deploy capital in critical sectors. The summit saw the Minister for Energy join a panel with energy and infrastructure investors to discuss challenges and opportunities in this space. We repeatedly heard about the importance of investment in the digital and data space.
It was very timely that the first round of expressions of interest [EOI] for our new Investment Delivery Authority [IDA] wrapped up only days before the summit. For the first round, the Government set the focus of the IDA on three core sectors: data centres and technology, renewable energy and energy security, and hotels. I am pleased to report to the House that around 50 proposals totalling $136 billion in potential investment were received. That is only in the first round. Those EOIs are now being evaluated and will be considered by the IDA.
We have heard time and again that businesses have found making major investments in New South Wales too complex and too time consuming, which is slowing down productivity for the State and the economy. The IDA will address that by helping to cut red tape, coordinating across government and encouraging investment. We recognise the importance of having more than just one-off programs. The Government has developed an ambitious plan spanning industry, trade and innovation. The plan will lift the State's economic complexity, resilience and productivity. Underpinning all of that is investment. [Extension of time]
Our new trade and investment strategy sets a 10-year vision, focused on diversifying the business we do and where we do it, to improve economic resilience. It is aligned to our New South Wales industry policy, which sets the framework for delivering on the Government's missions of housing, net zero—those famous words—and energy transition, and local manufacturing. In March this year we also released the landmark Innovation Blueprint. Backed by almost $80 million in this year's budget, New South Wales is set to cement its position as a globally competitive leader in high-value future growth industries. We are already delivering on that plan for the hardworking businesses and startups based in every corner of New South Wales.
Our work does not stop there. We know how important it is to strengthen our relationships with governments as well as businesses. That is why, on the sidelines of the recent visit by the Prime Minister of Singapore with me, the Premier, and the Minister for Energy, the Government committed to an enhanced trade and investment relationship with Singapore, signing a new memorandum of understanding focused on innovation and the green economy. Likewise, earlier this year we signed an MOU with Japan's Urban Renaissance Agency to create a statewide partnership on investment promotion, with a particular focus on housing.
Recently we also signed an agreement with our friends from the United Arab Emirates to promote further investment and build better economies. Those agreements are only possible through our Government's hard work to rebuild our international relationships, which suffered immensely when those Opposite thought trade policy was exporting John Barilaro to New York. But we do not need to dwell on that. This is an incredibly exciting time to be an innovator or investor in our State, because the Minns Labor Government is committed to delivering the support needed to drive our economy into the future.
