TREASURER Joe Hockey says Bridestowe Lavender Estate is a prime case study of the economic potential of joining a new multibillion-dollar, China-led Asian Infrastructure Investment Bank. Mr Hockey yesterday visited the North-East tourist hot spot and exporter, immensely popular among Chinese visitors, as part of the Pollie Pedal. He said small and medium businesses across the country were increasingly taking advantage of the opportunity to target Asian markets. The federal government yesterday announced Australia would sign a memorandum of understanding, which will allow the country to be involved in negotiations to set up the $100 billion bank. The AIIB, which will draw much of its capital from China, is being established to fund infrastructure projects throughout the region. The bank is expected to offer tens of billions of dollars worth of loans throughout Asia. More than 30 other countries, including Britain, Germany and France, have so far either signed up or applied as founding members for the AIIB. "This is our future ... this is manufacturing, and this is our exports through tourism dollars," Mr Hockey said. "Ultimately, the jobs that we see behind us, the creation and the manufacturing that we see behind us, is reliant in one form or another in us engaging in a good will trade relationship with China and with all of our Asian neighbours." Mr Hockey said Australia would now seek to resolve AIIB governance issues, including the bank's board of directors' authority over investment decisions, and broader balances of control, before committing to join. There will now be a two-week wait to see whether Australia's initial application is accepted. The bank is expected to launch later this year.
Treasurer Joe Hockey at Bridestowe Lavender Estate with Bobbie the Bear. Picture: MARK JESSER
TREASURER Joe Hockey says Bridestowe Lavender Estate is a prime case study of the economic potential of joining a new multibillion-dollar, China-led Asian Infrastructure Investment Bank.
Mr Hockey yesterday visited the North-East tourist hot spot and exporter, immensely popular among Chinese visitors, as part of the Pollie Pedal.
He said small and medium businesses across the country were increasingly taking advantage of the opportunity to target Asian markets.
The federal government yesterday announced Australia would sign a memorandum of understanding, which will allow the country to be involved in negotiations to set up the $100 billion bank.
The AIIB, which will draw much of its capital from China, is being established to fund infrastructure projects throughout the region.
Treasurer Joe Hockey at Bridestowe Lavender Estate. Picture: MARK JESSER
The bank is expected to offer tens of billions of dollars worth of loans throughout Asia.
More than 30 other countries, including Britain, Germany and France, have so far either signed up or applied as founding members for the AIIB.
"This is our future ... this is manufacturing, and this is our exports through tourism dollars," Mr Hockey said.
"Ultimately, the jobs that we see behind us, the creation and the manufacturing that we see behind us, is reliant in one form or another in us engaging in a good will trade relationship with China and with all of our Asian neighbours."
Mr Hockey said Australia would now seek to resolve AIIB governance issues, including the bank's board of directors' authority over investment decisions, and broader balances of control, before committing to join.
There will now be a two-week wait to see whether Australia's initial application is accepted.
