Two industries to grow our economy by $10 billion
TRANSPORT and agriculture will grow the Toowoomba region economy by $10 billion over the next 30 years.
That's what the latest report commissioned by industry group Toowoomba and Surat Basin Enterprise claims.
The Regional Australia Institute's Pathfinder Project sought to identify the key industries that will play a vital role in driving growth opportunities for the future of the Toowoomba and Surat Basin region.
TSBE chief executive officer Dr Ben Lyons said the report reconfirmed the validity of economic development work done to date in the region.
"Further to this, the report also reinforces the crucial part transport and logistics and our agriculture sector will play in the region's future."
The report outlined that, with agriculture the leading industry for all three local government areas, targeted investment and collaborative co-ordination to build local capacity was key to unlocking the sector's future prosperity.
The region's logistical assets, such as the Toowoomba Second Range Crossing and Brisbane West Wellcamp Airport, were also identified as key factors for the region's future success, however the report highlighted that simply having the infrastructure was not enough.
"In order to guarantee we capitalise on the maximum potential presented by the region's transport and logistics infrastructure, co-ordination from both the public and private sector players is a must," Dr Lyons said.
"A key part of this will be ensuring we can secure upgraded rail infrastructure for this region."
He said the region's solid economic foundations were supported by four key strengths identified in the report including boosting a competitive advantage, industry and supply chain advantages, increasing population and investment trends and strong leadership and institutional trends.