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News
| Colmer speaks out |
| Friday, 25 September 2009 |
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The head of Australia's Foreign Investment Review Board, Patrick Colmer, has caused ripples in Australian foreign investment circles for comments made in September at an Australia China Business Council investment forum in Sydney. Mr Colmer said China was Australia's third-largest investor last year, behind the United States and Britain, and was "probably going to go higher than that in future." But he suggested Australia would be more comfortable if investment from overseas investors in new projects remained below 50 percent and less than 15 percent for major producers. "We prefer various sorts of cooperative and partnership arrangements,” Mr Colmer said, “What we are looking for is a win- win situation.” The comments offered some insight into how the usually secretive FIRB may be basing some of its decisions. Colmer stressed that the Australian government welcomed Chinese investment and was keen to see it continue but that "the government is also keen to maintain Australia's national interest." He said Australia preferred early engagement on significant projects, and as much cooperation as possible. "Talk with us early... and deal with us the way we like to deal with you, which is in confidence," he said. A recent report by the Australian Financial Review has shown Asian investments in Australia increased almost 40 percent to US$17.5 billion in the year to June. Much of this was led by Chinese mining acquisitions with China accounting for 49 of the 153 deals involving Asian investors. |
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