Business

Australia's north seeks investment

SYDNEY Australia is hosting diplomats from China, Britain and dozens of other countries in its tropical north from yesterday, as part of an effort to drum up investment and broaden the economic base of the region.

Far North Queensland covers 340,000 sq km and boasts extensive coastline, tropical forests, rich agricultural land and mineral resources.

Politicians have ambitious plans to exploit the area's close proximity to Asian markets and want to diversify its A$7.8 billion (S$8 billion) economy, which is dependent on tourism, mining and agriculture.

"This visit will provide foreign representatives with an insight into the diversity and dynamism of Queensland's economy," Foreign Affairs Minister Julie Bishop said in a statement.

About 75 Canberra-based diplomats will be hosted in Cairns, where they will be briefed on investment and trade opportunities in Far North Queensland. 
- REUTERS

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