19 April 2016
The South Australian Government has established a health investment attraction office in China during April’s trade mission to the country.
Health Industries South Australia - which led the health stream of the Shandong Business Mission - will open its office in the Suzhou Industrial Park – a county-level administrative region in the city of Suzhou.
Health Industries Minister Jack Snelling said the city was chosen because it has a large hi-tech research and development base.
“This initiative will give South Australia an unprecedented level of access to over 650 companies in Suzhou alone, and many more thousands throughout China,” Mr Snelling said.
“Adelaide is a great location for health and life sciences research and investment, and we can now deliver this message inside China.”
Health Industries South Australia Chief Executive Marco Baccanti said that the Chinese reception to South Australia had been great.
“Companies we have spoken to in China are impressed by South Australia’s commitment to the health industries, particularly the $3.6 billion Adelaide BioMed City,” said Mr Baccanti.
Adelaide provides Chinese companies with many advantages, including:
Director of Science and Technology Bureau of Suzhou Industrial Park Zhang Dongchi welcomed the move.
“We look forward to building strong relationships with Adelaide companies and institutions,” Mr Dongchi said.
The South Australian Government is diversifying the local economy as it helps generate hi-tech, hi-value jobs.
A large part of this is aggressively targeting health industry investment and exports.
The Shandong Trade Mission provided 40 managers from health companies and government with the opportunity to talk directly to Chinese government and company officials through health-dedicated trade fairs and networking functions.
“Growing local companies means increasing exports, and this mission is government and business working together to expand South Australian exports to China,” Mr Snelling said.
The trade mission visited the Shandong cities of Ji’nan, Zibo, Qingdao and Yantai from April 5 to 10, with health industries being the second largest sector represented.
China is a key target market for the South Australian Government’s export drive.
The Asia-Pacific region is the fastest growing healthcare market in the world and the Chinese Government predicts it will spend US$1.3 trillion a year on healthcare by 2020.
Companies in Adelaide, Australia, are using the city's automotive and defence know-how to build ground-breaking medical devices. See the story.
Forty-three and a half per cent of R&D costs will be reimbursed in cash to eligible companies with an aggregated annual turnover of less than A$20 million. Read more