BUSINESS NEWS

Britain is the gateway to Europe. The European Union of 350 million consumers is the biggest single market in the world. Britain is the partner of choice for Australian companies doing business in Europe.

The UK is the second biggest destination for Australian investors and is worth nearly $100 billion. About 1,500 Australian companies are active in the UK and exports to the UK are worth nearly $5 billion a year.

The business relationship between Britain and Australia is strong. The UK is the second biggest investor in Australia behind the US. British investment in Australia is worth more than $300 billion. Two-way goods and services trade is worth about $18 billion a year. Nearly one million people travel from Britain to Australia every year, while a similar number travel from Australia to Britain.

Britain is a world leader in financial services. The UK has 200 companies among the 700 top European wealth creators. Britain’s bioscience industry is thriving and its universities are open for business. Pharmaceuticals already account for the biggest single slice of exports from Britain to Australia.

The bilateral business relationship remains vibrant and its stability is one of the most important reasons for the strong and growing trade and investment links between Britain and Australia.