Europe is an established market comprising 28 member states.

The weakened Australian dollar has improved competitiveness of Queensland exports and attractiveness of inward investment.

There are many opportunities in Europe to leverage the Advance Queensland initiative given the strong technology hubs in London, Dublin and Berlin.

Economy

The European Union (EU) represents the largest global economy with US$16.47 trillion GDP in 2016.

Trade

With a population of more than 500 million, the EU accounts for 20% of all global imports and exports.

Australia’s services exports to the EU grew by 20.3% from $8.5bn in 2010-2011 to $10bn in 2014-15 with significant increases in the telecom, computer and information services sector over the same period.

Investment

The EU is Australia’s second largest trading partner and continues as the largest source of foreign direct investment (FDI). In 2015, the EU’s foreign direct investment in Australia totaled $157.6 billion – 21.4 per cent of Australia’s total inwards FDI.

Depite the 52% majority decision to leave the EU announced in June 2016, the UK is the:

  • the second largest source of inbound FDI to Australia
  • and is ranked the 5th largest global economy alongside Germany (4th) and France (6th) by 2016 GDP.

Implications of BREXIT

Following the referendum on the United Kingdom’s continued membership of the European Union, The Committee for Economic Development of Australia (CEDA) has released a paper that discusses the leave and remain campaigns, implications for business and the economy, political fallout and implications for Australia.

BREXIT EXPLAINED  

Wind turbines in Galicia, Spain

Europe & UK opportunities

CurrentMid termLong term

Current

  • Processed food
  • Infrastructure, transport & logistics
  • Coal, LNG
  • Education & training
  • METS, mining and advanced manufacturing
  • Technologies & financial services

Mid term

  • Security & defence
  • Innovative technology
  • Scientific R&D collaboration
  • Tourism investment
  • Agribusiness

Long term

  • Renewable energy
  • Innovative technology
  • Shale oil and gas

Sector opportunities in Europe & UK

20% renewable energy EU target by 2020

Energy & resources

The UK, and Western and Northern Europe, are home to major international mining, oil
and gas companies.

Exports from this sector represent more than 50% of the nominal value of all Queensland merchandise exports to Europe.

Queensland LNG exports continue to emerge as an interim source of cleaner carbon fuel while the Eastern Europe mining sector offers significant opportunities for Queensland METS companies.

6.2 Trillion Pounds of UK assets under management

Investment/financial services

The EU is one of the world’s largest markets for fund management and is a leading centre for
foreign currency exchange, world trade finance, and hedge fund, sovereign wealth, private equity and pension funds management.

There are significant opportunities for Queensland project proponents seeking capital raising in infrastructure, agribusiness, resources and technology.

Opportunities exist for innovative technology providers to enter Europe via London, which is  merging as a global leader in Fintech.

UK net food and drink importer

Food and agribusiness

Opportunities exist in fresh produce, meat and processed foods. Investment interest and awareness has increased via leading international forums such as the Global Ag Investing Europe (GAIE) conference and successful investments in significant Queensland projects.

The recently published Australian Tax Office farmland register shows 13.6% of Australia’s farmland is foreign-owned with UK-based investors owning the largest proportion with the greatest portion of foreign-owned agricultural land being in Queensland.

Relevant library resources Complete library

Europe Market Overview

September 30, 2016

Europe's export market overview and commissioner profile

View this resource

Commissioner’s intel: How to take your business to Europe & UK

View the videos below, and hear from TIQ’s Trade and Investment Commissioner Ken Smith as he speaks of the opportunities in Europe & UK .

Ken Smith: Business trends in Europe & UK: Emerging opportunities in the market

Ken Smith: Practical tips: Hands on advice for doing business in Europe & UK

Ken Smith: Doing business with Europe & UK? Learn how TIQ can assist

Ken Smith: opportunities in knowledge industries sector

Ken Smith: opportunities in food & agribusiness sector

Ken Smith: Tips for entering the UK and Europe markets

Ken Smith: A Queensland resource sector success story

Ken Smith: the Ferra Engineering success story