Renewal of Memorandum of Understanding of Bilateral Cooperation Between Austrade & JETRO

It has been 7 years since the previous Memorandum of Understanding of Bilateral Cooperation between Austrade and JETRO (M.O.U.) was signed. The first Memorandum of Understanding was created to reaffirm the existing strong cooperative relationship in trade and investment promotion between the Australian Trade Commission (Austrade) and Japan External Trade Organization (JETRO).

Now, in 2011 the renewed MOU still upholds its original objective and highlights 9 key industry sectors of mutual interest to Australia and Japan. These priority sectors include; Agribusiness, Biotechnology, Clean Energy, Creative Industries, Environmental Industries, Information & Communication Technologies, Infrastructure Development, Nano technology and Service Industries.

The signing took place at the Austrade Office in Kent Street, Sydney on Thursday January 20th, 2011. In a short ceremony attended by JETRO and Austrade staff. Austrade CEO Mr. Peter Grey made a welcome address stating Austrade’s optimism for the year ahead as well as his appreciation for the simplicity of the new Memorandum. JETRO President Mr. Michitaka Nakatomi also made a short welcome note by offering sympathy to the victims of the QLD flood disaster. Mr. Nakatomi spoke briefly about the investment from Japan to Australia and the importance of promoting investment in both directions.

The renewed MOU will remain current until 20th January 2014 at which time the contents will be reviewed and agreed upon once again.