WA to open new US trade office in Texas with $10m investment in first look at State Budget

WA will open a new trade office in Texas as the State Government splashes $10.1 million to strengthen US business opportunities.

In a sneak peek at the upcoming State Budget, Deputy Premier Roger Cook announced the new Austin bureau to boost global networks in Perth on Friday while addressing the Chamber of Commerce and Industry WA’s launch of a new dedicated investment website.

“Investments WA” will be an online hub for the State Government and private sector to list local opportunities as a way to draw in international capital.

Investments must be over $10m to be featured on the portal, with 36 projects already published totalling about $6 billion.

The US office is expected to open in 2024 with five locally-based staff. It will join WA’s current network of officers, which include the ASEAN, Greater China, India-Gulf, North East Asia and the United Kingdom-Europe.

Typically, the offices are run by a single trade commissioner with a small team around them. They’re then used as platforms to launch smaller “spoke” offices.

“This is the opening up of a new hub office, which means that we will have a trade commissioner based there and you can expect that we will expand from that hub office into other spokes across the Americas,” Mr Cook said.

The US is WA’s six largest trading partner with total trade worth $8.7b in the past year.

Mr Cook said he intended to travel to the southern US city in the coming months to meet with trade networks in Austin.

The new investment website launched on Friday was established through a $250,000 grant from the State Government, with expectations $100,000 will be provided each year for its maintenance.

Projects listed include defence industries, mining and mining equipment, technology and services, space industries, health and medical life sciences, and primary industries.

WA Government projects include the Hillarys Boat Harbour Master Plan and the development of a waterfront precinct at Ocean Reef Marina.

CCIWA chief executive Chris Rodwell said it was “critical” that WA was “in the game” and getting “face time” with global investors.

“There’s plenty of opportunities across so many sectors to draw that investment in,” he said.

“WA is in the box seat to draw capital from around the world. We want to ensure our State is on the front foot to strengthen and diversify its economy, whether it’s in critical minerals, hydrogen, advanced manufacturing, life sciences or some other emerging industry.”

Mr Cook said the McGowan Government would like to see another trade office in Malaysia but that he was open to other locations.

The latest WA trade office was opened in March this year in Ho Chi Minh City.

“This will be funded in the upcoming State Budget, so potentially I think you’ve just seen the first reveal for the State Budget for this year,” the Mr Cook said.

“This is a great opportunity to continue to expand our international investment trade network but we might need to do more.

“This is the most competitive environment that we’ve ever lived in and now more than ever, Western Australia has to be outward facing.

“It’s about making sure that we are forward facing that we have a shopfront on the doorstep of these investors.”