Global financial giants meet to discuss Western Sydney Aerotropolis investment

0 Comment(s)Print E-mail Xinhua, November 29, 2019
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SYDNEY, Nov. 29 (Xinhua) -- With the development of the new Western Sydney International Airport now underway, officials from the New South Wales (NSW) State government in Australia have met with around 30 leaders from some of the world's largest banking and financial institutions to outline a range of major investment opportunities.

Hoping to construct an advanced manufacturing hub in the surrounding areas that will be known as the Western Sydney Aerotropolis, the state and federal government aim to drive the creation of around 200,000 high-skilled jobs, essentially transforming the region into a self-contained city.

Chair of the Western City & Aerotropolis Authority Jennifer Westacott said on Thursday that with new homes and infrastructure she expects the area to soon take off.

"We have secured 17 Memorandums of Understanding (MOUs) with companies looking to have a presence in the Aerotropolis across aerospace, defense, manufacturing, healthcare, agribusiness and education," she said.

"These agreements ensure we are on the way to making the Western Parkland City a hub for economic growth and employment which will provide people with new opportunities to live and work in Western Sydney," she added.

Among some of the financial groups confirmed to be in attendance at the meeting were representatives from Macquarie Group, Mizuho Bank and Cbus Superannuation.

NSW Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres described the briefing as the first step towards securing investment in addition to the 20 billion Australian dollars (13.5 billion U.S. dollars) already allocated by the federal and state governments.

"The Western Sydney Aerotropolis will be one of the most dynamic economic precincts in the world and it's no surprise that the banking and finance industry wants to be part of getting Sydney's third city off the ground," he said.

"We will need to attract billions of dollars from private investment which is why we are now engaging banks and financial institutions about the opportunities which may lie ahead for them," Ayres said.

The Western Sydney International Airport, which is officially named the Nancy-Bird Walton Airport after the first Australian woman to gain a commercial pilot's licence, is expected to open sometime in 2026. Enditem

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