The first Australia China Minerals Investment Summit is being held in Darwin this week to help attract business and mining opportunities to the Territory.
Chief Minister Adam Giles said the summit was aimed at attracting a much larger audience of Chinese investors.
Giles said the resource industry was a key factor in expanding the state’s economy.
“The summit underpins the Territory’s plan to build the economy which has a strong focus on realising our mineral potential,” Giles said.
Giles said the Territory was well placed to take advantage of commodity exports to Asia.
“Foreign investment plays an important role in the Territory’s economic development and provides capital to fund business expansion, while trade fosters economic development, creates jobs and raises the standard of living for all Territorians,” he said.
The summit will see a variety of speakers talk on tops ranging from investment opportunities to working with traditional owners.
Earlier this year, newly appointed Territory mining minister Willem Westra vna Holthe declared the region 'open for business'
He stated that the Government is fully supportive of the development of new mines.
The Northern Territory was recently highlighted as the nation's new hotspot for mining.
In the global Fraser Institute, which measures the attractiveness and ease of mining, the Northern Territory ranked above Western Australia for the best region in which to mine and invest, and ranked just outside the global top ten.
The key in the Territory's massive score hike is the Government's approach to mining and resources rather than actual mineral prospectiveness.
Westra van Holthe pointed to shale oil and gas as two major growth areas, as Darwin becomes a new LNG hub.
The minister promised to streamline the approvals process, stating that it had been too slow in the past.