In: Economics
What does Australia's government do to attract foreign investments?
FDI Foreign companies get assistance, especially for productive investment, R&D, professional training and job creation. For some years, the amount of administrative formalities for setting up foreign companies has been reduced. Foreign investors benefit from the same rights as nationals.
Subsidies, discounts and reductions of costs, tax exemptions, loan guarantees, payment of expenses for personnel training.
The Australian government encourages investment essentially in Research and Development and in the creation of new industries. The Department of Industry, Science and Tourism (DIST) plays a vital role in these incentive policies. Allowances are granted to investors who take part in certain Research and Development activities in high technology sectors.
There are some free zones in Australia, such as the Northern Territory Trade Development Zone, which have been established to attract multinationals.
Invest Australia is the agency for the promotion of investment in Australia. It finances aid to investment and publishes an investor's guide.