Growing opportunities with the Territory’s largest trade partner

17 February 2024

The Territory Labor Government is growing opportunities with our largest trade partner Japan, to create more local jobs and create a greener economy.

A Memorandum of Understanding (MoU) has been signed with Japan Bank for International Cooperation (JBIC) to further strengthen cooperation between our two jurisdictions on financing energy and infrastructure projects.

JBIC is a policy-based financial institution of Japan, and conducts lending, investment and guarantee operations while complementing the private sector financial institutions.

The MoU enables the Territory to hold regular dialogue with JBIC officials, to discuss cooperative potential projects between NT and Japan, which leads to increasing investment in the Territory, involving oil and gas, carbon capture, critical minerals infrastructure, hydrogen, ammonia, renewable energy and sustainable aviation fuels.

These high-level engagement opportunities will enable the Northern Territory Government and interested proponents, to position and promote the Territory as a reliable supplier of LNG, critical minerals, hydrogen and solar, to support the global energy transition and decarbonisation programs for Japan.

The MoU aims to:

• enhance closer economic relations between the Territory and Japan
• increase financial cooperation with JBIC in support of Territory projects across priority sectors
• work to address climate change concerns and strengthen coordination among like-minded countries.

Japan and Australia have a shared goal of achieving net zero by 2050.

In 2022-23 the value of goods NT exports to Japan increased by 27.3% to $7.7 billion, driven by increases in commodities prices for oil and gas and increased exports of metalliferous ores and metal scrap categories.

Quotes attributable to Chief Minister Eva Lawler:

“By signing an MOU with JBIC, the Territory Labor Government is attracting new investment into resource extraction, mineral processing and Carbon Capture and Storage.

“This is supported by a strong industry development focus, that underpins traditional sectors such as agriculture, mining and energy, maritime and tourism, to help grow local Territory business and jobs.

“There are clear opportunities to expand our relationship with our largest trading partner, to grow our economy and achieve net zero.”

Northern Territory Government