In a bid to further boost economic growth, the Abu Dhabi Investment Office (ADIO) has signed a letter of intent with Western Australia’s (WA) Department of Jobs, Tourism, Science and Innovation. The collaboration aims to accelerate growth across shared areas of economic interest, marking a milestone in ADIO’s efforts to strengthen relations with Australia and drive greater private sector opportunities.
The department delivers strategic initiatives on behalf of the Western Australian government. It supports large-scale mining and industrial operations as well as innovate startups and small to medium-sized businesses across the state. Therefore, under the agreement, ADIO and the department will work together to explore avenues of cooperation within their Diversify WA Strategy and ADIO’s Strategic Clusters.
Promoting cross-sector activities
The collaboration between ADIO and West Australia promotes cross-sector activities encompassing supply chain development, advanced manufacturing, science innovation and technology, as well as environmental, social, and governance frameworks. By leveraging each other’s strengths and expertise, both entities seek to drive innovation and sustainability while fostering economic growth.
Commenting on the agreement, Badr Al-Olama, director general of ADIO, said: “Our strategic collaboration with the Department of Jobs, Tourism, Science and Innovation will unlock opportunities for Australian companies, enabling their growth into Abu Dhabi and new markets in the region, as do the same for Emirati companies seeking to expand their activities in Australia and its surrounding region.”
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Bolstering economic ties
The UAE and Australia enjoy long-standing economic ties, with the UAE being Australia’s largest Middle East trade and investment partner. The commencement of talks for a Comprehensive Economic Partnership Agreement (CEPA) in 2023 further underscores the commitment to enhancing bilateral trade and investment.
Besides, Western Australia’s economy is export-oriented with almost half of Australia’s exports coming from the region. Moreover, its gross state product (GSP) reached AUD445.3 billion in 2022-23, 17.4 percent of Australia’s gross domestic product (GDP).
Commenting on the agreement with ADIO, Hon Reece Whitby, minister for energy, environment, and climate action, said: The state government will continue to find ways in which Western Australia and Abu Dhabi can cooperate to achieve mutually beneficial economic outcomes.”
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