Business in Perth - 6 Reasons Perth is Western Australia’s Economic Capital
Business in Perth - 6 Reasons Perth is Western Australia’s Economic Capital27th May 2022
The affluent capital of Western Australia and a flourishing business, cultural, and commercial centre, Perth is the resource capital of the Indo-Pacific Region. Offering a wealth of strategic business and investment opportunities, Perth presents prosperous infrastructure and facilities that fuel Western Australia’s successful economy. With a robust resource sector bolstered by the advantageous proximity to Asia, Africa, and the Middle East, Perth is an ideal business destination- ideally situated for business development amongst key trading regions. While the state is fortunate to have substantial natural resources, the city of Perth has become home to an equally impressive, highly educated workforce. If taking a business trip down under, read on to discover why business in Perth is worth the investment.
Home to more than 2.6 million people and covering over 2.5 million square kilometres in area, Perth is the capital of the state of Western Australia. Despite only housing 10% of the nation’s population, Western Australia accounts for nearly 50% of Australia’s export value. Known for being the most geographically isolated capital city in the world, the surrounding area has enjoyed significant prosperity from the mining boom that saw the state profit from its abundant natural resources. Perth’s close proximity to Asia opens great potential for investors in energy, minerals, tourism, and hospitality and positions business in Perth in an exciting period of expansion.
While Perth stands as a fulfilling and competitive business destination, it is also a hub for travellers and tourists alike. With white sand beaches and crystal-clear waters, tourism is critical to Australia’s economic future. Identified as one of the five industries to grow faster than global GDP over the next decade, it is a significant contributor to the Perth and Western Australian economy. Perth boasts a vibrant culture and prides itself on its world-class cuisine, and the city is home to an abundance of activities. For those wishing to explore the region, Perth is ideally located for road trips and boat trips around the wild and vast Western Australia. If you’re planning on exploring more when visiting Australia while on business in Perth, be sure to check out our blog on The great Australian debate: is Melbourne better than Sydney?
The demand for large-scale capital projects suggests that there is scope for change throughout the city and surrounding areas over the next ten years to better reflect the increasing global importance of Perth as a business destination. The strength of the highly skilled and productive workforce is helping to make Perth the state’s leading destination for creative innovation and cultural diversity. Projects such as the propose to upgrade Roe Street to compliment the and facilitate regeneration of the area. The city also has a keen focus on investment attraction and the activation of vacant and under-utilised properties. Efforts are consistently made to support the development of business in Perth and its significance as a premier business destination.
As the resource and energy capital of the Indo-Pacific Region, Perth is an affluent and thriving business destination. Today, the city is home to a wealth of international resources and energy companies, with eight of the world’s 14 largest corporations having offices in Perth. The capital is also the only city to engage as a member of the World Energy Cities Partnership, aiming to connect cities through the exchange of industry knowledge and economic development expertise to foster sustainable energy production. Now established as a commercial powerhouse, such a partnership will create and bolster opportunities for collaboration in economic development and innovation across the world.
The City of Perth recognises that the growth and development of the technological, innovation, and entrepreneurial sector is a key aspect of the city’s economic diversity as a business destination. The evolving development of globalisation and competitive international pressures have increased the importance of creativity and innovation in local economies. With a multitude of shared working spaces, business travellers are provided with the opportunity to collaborate with ease. These communal spaces also allow residents to receive mentoring and advice on growing their own businesses. The finalisation of the partnership between the Commonwealth Government, State Government, and City of Perth will see the unlocking of economic benefits and opportunities for the Central Business District. The $1.5 Billion investment to re-energise Perth, as announced in September 2020, will create almost 10,000 jobs while simultaneously supporting smaller businesses and organisations.
A connected and vibrant city, Perth is Australia’s gateway to Asia and a commercial hub for wider international trading opportunities. Advantageously sharing a time zone with 60% of the world’s population, Perth is an ideal business destination with convenient and efficient communication traffic. Over twenty international airlines fly between Perth and global destinations, helping to keep travellers connected to the action while visiting on business in Perth. Additionally, over 55 countries have official government representation in Perth. With new consulates opening every year, the ‘City of Light’ has never been better positioned to establish itself within the global business market.
However you choose to enjoy your business trip to this powerhouse of a city, be sure to stay at one of our Serviced Apartments in Perth and experience the convenience and comfort our service provides.
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