NSW taskforces to grow manufacturing and professional services

The NSW Government has appointed Industry Taskforces to develop Industry Action Plans for the state’s manufacturing and professional services sectors, Deputy Premier and Minister for Trade and Investment Andrew Stoner said.

Stoner said the Industry Taskforces will work in partnership with the government to develop 10-year industry strategies to grow both sectors.

“The government has established these industry-led taskforces to develop Industry Action Plans to position our manufacturing and professional services sectors for growth, resilience, improved innovation and productivity, greater global competitiveness and new investment opportunities,”  said Stoner.

“I thank the taskforce members, who have been chosen for their breadth of skills and experience, for their support in helping grow the NSW economy. We will be targeting specific subsectors with strong potential, in terms of contribution to gross state product and exports.

“The professional services sector has the potential to develop into one of the most important exporters for NSW and Australia over the coming decade. The Professional Services Industry Action Plan will focus on the subsectors of finance and insurance, legal and regulatory and engineering services.

“Manufacturing is the second largest industry contributor to the NSW economy, and generated $32.8 billion, or 10% of the state’s total industry value add in 2010. As NSW’s third largest employer, the sector faces both challenges and opportunities. The Manufacturing Industry Action Plan will develop recommendations to address issues facing the mature, advanced and emerging elements of the sector.

“The Manufacturing Industry Action Plan will focus on a number of subsectors including processed food and beverage manufacturing, metal manufacturing and machinery and equipment manufacturing (including biomedical and medical devices, defence and renewable energy technologies).

“Issues to be considered as part of the Industry Action Plans include export opportunities, innovation and productivity, investment, workforce skills and capabilities, employment and workforce participation, business framework conditions and the existing regulatory burden.”

Stoner said the Industry Action Plans will identify drivers for, and barriers to, growth, innovation and productivity and what industry-led initiatives and government actions will be best suited to deliver economic growth.

“Industry Action Plans are an important element of NSW 2021, the government’s 10-year strategic plan, and will help NSW industries meet challenges and capitalise on opportunities,” said Stoner.