The NSW Government has unveiled its long-term strategy for turning the state’s research and development (R&D) capabilities into world-leading industries and jobs for future generations. This, in turn, provides insight and reference for UK companies looking to develop business internationally says Investment New South Wales UK’s Agent General, Stephen Cartwright.
With a foreword by the Minister for Science, Innovation and Technology Alister Henskens, the NSW 20-Year R&D Roadmap provides a blueprint that will help inform the NSW Government of strategically important investments for its future economic and social wellbeing. “As our Minister says, R&D will play a crucial role in our economic growth as a key driver of new jobs, future businesses and international investment in NSW” explains Stephen Cartwright “and the UK is a key region from where we hope to attract that international investment.
The Roadmap considers six categories of competitive advantages for NSW including R&D; education; workforce; industry; innovation and natural resources. NSW is a major economic hub in the southern hemisphere and Asia-Pacific region, with an economy larger than Hong Kong and Singapore. Sydney is Australia’s largest city and ranks 24th globally for the concentration of the world’s 2000 largest public companies headquartered in the city (Forbes, Global 2000 (2021)). This is a critical competitive advantage in attracting small, medium and large businesses. Many of the Australian offices of international companies are based in Sydney due to its economic strength, access to talent and international transport connections and networks to markets across Asia Pacific.
The Roadmap provides a blueprint that signals where NSW welcomes private R&D investment and activities from businesses, entrepreneurs, innovators, startups and investors. It also identifies four key technology themes – digital, materials and chemistry, biotechnology, and energy – and 39 wide-ranging applications, including FinTech, AI and robotics, quantum computing, cyber security, nuclear science and pharmaceuticals. “My recommendation for UK companies: take a look at these focus areas. The Roadmap provides some really great market insight for any UK company looking at opportunities in Asia-Pacific” says Cartwright.