2016 Business Mission Report

10th Australian Business Mission to Europe Zurich, Bern, Brussels, Helsinki 26 June - 1 July 2016 Mission Report Supported by EABC Major Partner: (Executive Summary) Introduction The EABC Australian Business Mission to Europe is undertaken each year as an initiative to strengthen bilateral relationships with European leaders, institutions, officials, peak business groups and policy organisations. The Missions travel to Brussels as the political and administrative capital of the European Union, and to other political and commercial capitals in Europe. Since 2006, EABC delegations have travelled to Berlin, Bratislava, Budapest, Copenhagen, Frankfurt, Geneva, Hamburg, Istanbul, London, Madrid, Milan, Munich, Paris, Rotterdam, Stockholm, Strasbourg, The Hague, Toulouse, Venice, Vienna and Warsaw. The visits provide opportunities for senior Australian business representatives to engage in dialogue on issues including policy responses to the global financial crisis, economic and fiscal policy, banking and financial services, foreign and security policy, trade, competition, energy and climate change policy, infrastructure, research and innovation. The Missions also provide a valuable opportunity for Australian business leaders to work with Australian Government representatives in Europe - principally with Australian Embassies and Austrade offices - to profile Australia’s economic credentials and capabilities and promote opportunities for European investment in Australia. Mission Leader & Endorsements The Council was delighted to have the leadership and participation of EABC Chairman and former Premier of New South Wales, the Hon Nick Greiner AC, for the 2016 Mission to Zurich, Bern, Brussels and Helsinki. The Prime Minister of Australia, the Hon Malcolm Turnbull MP, also endorsed the mission as an important initiative to foster greater economic relations between Australia and Europe. The EABC Business Mission was also greatly supported by Austrade, the Australian Department of Foreign Affairs and Trade, and Missions to the European Union, Belgium, Germany, the World Trade Organisation and Sweden. The Delegation of the European Union to Australia and New Zealand and Embassies and Trade Commissions of Belgium, THE HON MALCOLM TURNBULL MP Prime Minister of Australia “I appreciate the EABC's commitment to forging stronger business and institutional links between Australia and the EU, including through your annual business missions. I particularly wish to thank the EABC for its work in support of an Australia-EU FTA. I was pleased to announce with European Commission President Juncker and European Council President Tusk in November last year that Australia and the EU will begin work towards the launch of negotiations for a FTA. I welcome the EABC's support for the Government's innovation agenda. I am keen to share ideas with other countries, including those in the EU, on how best to promote innovation, science and research, and acknowledge the EABC's contribution to these efforts.” EABC 2016 Business Mission to Europe - Mission Report (Executive Summary) Page 2 Objectives The objectives of the Missions are to examine opportunities to expand trade and investment relations between Australia and Europe (as Australia’s largest economic partner overall), to investigate current political and economic developments in Europe, and the influence of EU policies and institutions in global affairs. During these Missions delegates have met with the European Commission President, Vice-Presidents and Commissioners, Vice- Presidents of the European Parliament and chairs of parliamentary committees, the Deputy President of the European Central Bank, Heads of State and Heads of Government, Ministers, central bankers and leaders of peak employer and industry groups across Europe. Insights are gained into the development of the European Union itself, including the major institutions of the European Council, the European Commission, the European Parliament and the European Central Bank, and the relationships between these institutions and the EU’s twenty-eight Member States. Discussions focus on Europe’s relationship with its major political and economic partners including China, Russia, and the United States; as well as European views on the wider Asia-Pacific region, and co- operation with international institutions such as the G20, WTO, NATO, the UN and other international and regional bodies. The Missions serve to profile the importance of Europe to Australia’s economy, as well as Australia’s strategic role and increasing integration in the Asia-Pacific region. The Missions are also valuable in building relationships and ongoing dialogue and co-operation with peak European business and policy groups. Mission Programme The Mission delegation included twenty-four Australian business representatives, including Chairmen and CEOs of major companies with significant investments and operations in Europe. The composition of the delegation included a broad range of sectors including construction, energy, engineering, logistics, mining and resources, education, law, retail, fashion, telecommunications, investment and banking, tourism, professional services, biotechnology, and finance. The programme was arranged by the Council in partnership with the Department of Foreign Affairs and Trade, Austrade, and the Australian Missions and Austrade offices in Europe, and their counterparts from Europe based in Canberra and Sydney. In Zurich, Bern, Brussels and Helsinki the delegation met with elected leaders, senior officials and business leaders. The focus of the mission was to examine the political and institutional responses to the European economic crisis, and the performance of economic recovery and growth strategies, progress and support for major trade negotiations, and early reactions to the Brexit referendum in the UK. Major change is underway at the European level, including new fiscal and banking rules, market regulators, and greater integration across in Europe in transport, energy and digital markets. The visits to Zurich, Bern, Brussels and Helsinki also focused on ways to further bilateral trade and investment opportunities. Meetings were held with peak business and employer groups, chambers of commerce, and with trade and investment promotion agencies. EABC 2016 Business Mission to Europe - Mission Report (Executive Summary) Page 3 Zurich and Bern Programme The 2016 Business Mission programme commenced with a series of briefings held at the Park Hyatt Zurich, in which delegates were given an overview of the week to come and held an informal discussion over lunch on the ramifications of Brexit. This was followed by a briefing on the Swiss economy and Austrade’s activities there by David Campbell, Consul General and Senior Trade and Investment Commissioner Western Europe, and Nicolas Bentel, Austrade’s newly-appointed Country Manager for Switzerland. Phoebe Brown, from the Australian Embassy in Berlin (with accreditation to Switzerland), followed up with a political briefing and then Simon Farbenbloom, Deputy Head of Mission to the WTO, briefed the delegated on the currently state of play in the WTO and Australia’s priorities. That evening the group was joined for dinner by Dr Francis Gurry, Director-General of the World Intellectual Property Organisation, and a discussion took place on the role of IP in knowledge economies. Monday morning began with a series of presentations by representatives of Economiesuisse: Christoph Lindenmayer, Chairman of the External Economic Affairs Commission (and Chairman of Schindler Management AG) and Thomas Pletscher, Head of Competition & Regulatory Affairs. Mr Pletscher provided a broad overview of the strengths and challenges faced by the Swiss economy, including in its relationship with the EU and the valuation of the Swiss Franc. Mr Lindenmayer followed by presenting on the Swiss engineering and manufacturing sector broadly, and on the industrial group Schindler AG specifically. The delegation then travelled to the Zunfthaus zur Meisen for lunch with the Swiss Bankers Association, its President Patrick Odier, CEO Claude-Alain Margelisch, and members of its board. SBA members and delegates spoke on a range of issues relevant to the Australian and Swiss banking and financial services sectors. After lunch they met with Fritz Zurbrugg, Vice Chairman of the Swiss National Bank, and discussed monetary and macroeconomic policy issues facing Switzerland. They then travelled to the premier university ETH Zurich and met with its President, Professor Lino Guzzella, and toured robotics, energy and imaging facilities before returning to the Zunfthaus for a cocktail reception hosted by Austrade and the Australia Swiss Chamber of Commerce with Swiss and Australian business representatives. On Tuesday morning the delegation travelled to Bern and met with the Swiss State Secretary for Economic Affairs, Ms Marie-Gabrielle Ineichen-Fleisch, for a presentation and discussion on the Swiss economy, with particular emphasis on its current obstacles to growth and on its relationship with China. The group then travelled to the Bern facility of CSL Behring, where they met with Uwe Jocham, the Senior Vice President and General Manager, and were given an overview of CSL’s activities both in Switzerland and globally before being shown on a site tour where the manufacturing process for immunoglobins was EABC 2016 Business Mission to Europe - Mission Report (Executive Summary) Page 4 Photo Gallery - Zurich Hon Nick Greiner AC, Dr FrancisLorem Gurry,

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