China’s top entrepreneur group visits Australia to talk business
8 Dec 2014
Eighteen members of the China Entrepreneur Club (CEC) visited Sydney, Canberra and Melbourne in early December to discuss business opportunities with Australian industry and government representatives.
The invitation-only CEC is arguably China’s richest club and comprises 46 Chinese business leaders and nine academic and diplomatic advisors. Together, the companies they represent have a net worth of A$750 billion.
Austrade and Tourism Australia hosted the delegation in Sydney to highlight Australia’s tourism infrastructure investment opportunities. The program of activities included a site visit to the Barangaroo redevelopment, a tourism investment workshop and a business networking lunch.
Austrade’s recently appointed Senior Investment Specialist for Tourism Infrastructure, Karen Wales, presented to the group on opportunities for tourism infrastructure investment. Australian tourism industry leaders joined the workshop and lunch.
In addition to Sydney, the CEC met with the Prime Minister and government officials in Canberra. The group also attended a business lunch and investment symposium hosted by Macquarie Group and a gala dinner in Victoria.
China is Australia’s sixth largest source of foreign direct investment (FDI) stock. China’s stock of FDI into Australia reached A$20.8 billion in 2013, reflecting a 41.7 per cent compound annual growth rate since 2008, the highest of Australia’s top 20 FDI source countries. The recently concluded China-Australia Free Trade Agreement (ChAFTA) will support increased FDI into Australia by raising the screening threshold for investments.
Trade and Investment Minister Andrew Robb said Australia’s tourism industry will benefit significantly under ChAFTA.
‘With unique natural assets and positioned in the fastest-growing tourism region in the world, Australia is a highly attractive destination for tourism infrastructure investment – including hotels, transport, restaurant, retail and major attractions,’ he said.
‘We forecast about 40 per cent of inbound expenditure growth in the tourism sector to 2022–23 to be sourced from China. This Agreement will maximise these opportunities.’
Established in 2006, the China Entrepreneur Club is the premier business leaders’ platform in China. The 46 members represent a combined net worth of more than 2 trillion RMB (A$750 billion), roughly 4 per cent of China’s GDP.