Charm offensive.Government of New South Wales The form of the Government of New South Wales is prescribed in its Constitution, which dates from 1856, although it has been amended many times since then. Since 1901, New South Wales has been a state of the Commonwealth of Australia, and the Australian Constitution regulates its , Australia's largest state economy, is on a charm offence - wooing Gulf investors to the state's infrastructure development projects
New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. (NSW) is about to get a facelift. A Government official was in the region recently to attract Gulf investors to key infrastructure projects. The visit comes as the Government is being urged to sell more public assets, including the state's electricity network and invest the cash in infrastructure projects.
Attracting investment into infrastructure and other sectors is an important part of the state Government's efforts to position Sydney as a leading international financial centre, Australian officials said.
The delegation, led by New South Wales Premier Barry O'Farrell, are trying to garner support for projects with a particular emphasis on bridges, railways, harbours and heavy industry (including oil, gas and mineral infrastructure).
In the 12 months ending September 2011 some AUD AUD
In currencies, this is the abbreviation for the Australian Dollar.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 19.7 billion ($19 billion) worth of infrastructure work had been undertaken in New South Wales. In spite of this, substantial new investments are still needed in the state. Citigroup estimates that more than AUD 770 billion ($744 billion) needs to be invested in infrastructure in Australia between now and 2018.
To support these growth opportunities, Australia's policy has shifted to create a competitive market for public and private suppliers. A range of financial solutions for infrastructure financing are now being offered and utilised (equity investment, bank debt market, bond financing, institutional investment, etc), the officials said.
The Australian delegation also discussed ways to develop the Islamic finance industry.With proximity to Southeast Asia, where Islamic finance is growing rapidly, Australia believes it could play a role in the industry. But efforts to pass the necessary legislation at a federal level have been slow, so the state Government wants to get involved.
Honourable Barry O'Farrell MP, Premier of New South Wales said; "Attracting conventional and Islamic finance investment into infrastructure and other sectors of NSW is an important part of the NSW Government's efforts to position Sydney as a leading international financial services centre The International Financial Services Centre (IFSC), or An Lárionad Seirbhísí Airgeadais Idirnáisiúnta (LSAI) in Irish, is a major financial services centre in North Wall, Dublin, Ireland. ."
Tax incentives might, for example, be offered for Islamic investors in public-private partnerships. Typically, 10 to 15 per cent of New South Wales infrastructure has been delivered using PPP (Point-to-Point Protocol) The most popular method for transporting IP packets over a serial link between the user and the ISP. Developed in 1994 by the IETF and superseding the SLIP protocol, PPP establishes the session between the user's computer and the ISP using , according to a government report. Granting special tax treatment for such projects cold avoid the need for a full tax amendment.
Meanwhile, the Dubai International Financial Centre (DIFC) announced the signing of Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MoU) with New South Wales Trade and Investment. The new partnership presents opportunities for corporates in DIFC to connect with financial institutions in the state.
Abdulla Al Awar, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , DIFC Authority said, "We are confident that this MoU will take DIFC's and the wider region's economic relations with Australia to the next level, and unveil significant investment opportunities on both ends, particularly in infrastructure. The GCC region alone is expected to spend about $968 billion on projects including infrastructure developments over the next decade, while infrastructure expenditure in NSW is estimated to be in excess of $770 billion between now and 2018," Al Awar said.
The region has had strong economic ties with Australia for many years, particularly the UAE, which is considered Australia's largest merchandise trade partner in the Middle East with two-way trade at over $5.3 billion in 2010-11. Australian investment in the UAE was worth $1.060 billion in 2010. nBME
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