Australia seeks foreign funds to develop Far North Queensland

A 2011 file photo of a coal ship waiting to be loaded in the port in Gladstone, Queesnland. Politicians want to diversify the state's isolated far north, which is dependent on tourism, mining and agriculture.
A 2011 file photo of a coal ship waiting to be loaded in the port in Gladstone, Queesnland. Politicians want to diversify the state's isolated far north, which is dependent on tourism, mining and agriculture.PHOTO: REUTERS

SYDNEY • Australia began hosting diplomats from China, Britain and dozens of other countries in its tropical north from yesterday as part of an effort to drum up investment and broaden the economic base of the sparsely populated region.

Far North Queensland extends 340,000 sq km and boasts extensive coastline, tropical forests, rich agricultural land and mineral resources. But the isolated region faces a number of critical issues, including attracting investment for infrastructure and high transport costs, which are proving a headache for exporters.

Politicians have ambitious plans to exploit the area's close proximity to Asian markets and want to diversify its US$7.8 billion (S$11 billion) economy, which is dependent on tourism, mining and agriculture.

"This visit will provide foreign representatives with an insight into the diversity and dynamism of Queensland's economy," Foreign Affairs Minister Julie Bishop said in a statement.

Get The Straits Times
newsletters in your inbox

About 75 Canberra-based diplomats are being hosted in the economic and services hub of Cairns, where they will be briefed on investment and trade opportunities in Far North Queensland.

  • 340k

    Area in square kilometres of Far North Queensland that Australia is seeking investments for

They will also visit the Great Barrier Reef and be informed of the government's efforts to protect it over the course of the three-day trip.

The reef, which has been hit by back-to-back coral bleaching events, generates an estimated US$2 billion for the Australian economy each year.

Australia established a A$5 billion (S$5.2 billion) government loans scheme last year aimed at developing the continent's north, which stretches across Queensland, the Northern Territory and Western Australia.

The vast, resource-rich area accounts for about 40 per cent of the country's landmass but only 5 per cent of the population.

Much of it is frontierland with little infrastructure, populated by cattle barons, crocodile hunters and aboriginal settlements.

REUTERS

A version of this article appeared in the print edition of The Straits Times on May 15, 2017, with the headline 'Australia seeks foreign funds to develop Far North Queensland'. Print Edition | Subscribe