Australian trade minister to promote country as "investment destination" to U.S.

Australia's Trade Minister Steven Ciobo will this week lead a delegation of Australian business leaders to the United States, in an attempt to further promote Australia as an "investment destination."

In a statement released on Monday, Ciobo said the delegation would meet with U.S. business leaders at the Milken Institute Global Conference, while the minister said he would also be speaking at a summit to discuss current international trade issues amidst increasingly protectionist attitudes.

"During the visit, I will meet senior U.S. business representatives to promote Australia as an investment destination," Ciobo said in the statement.

"Our economy offers strong opportunities in industries including tourism, infrastructure, resources, and advanced manufacturing," he added.

Ciobo said that Australia's close relationship with the United States was reflected by the fact that the U.S. remains Australia's biggest source of inbound investment, especially with the weaker Australian dollar offering value to U.S.-based businesses.

The trade minister said that further U.S. investment in Australia would bring long-term benefits not only to the economy, but to the nation's employment outlook as well.

"American companies are investing across our economy including in mining, financial services, manufacturing; and professional, scientific and technical services. This is creating thousands of Australian jobs," Ciobo said. Endit