(Bloomberg) —
Australian Prime Minister Scott Morrison has called for a boost to the country’s domestic manufacturing industry, saying the pandemic has highlighted the value of self-reliance.
Morrison laid out seven areas of high importance in which Australia wants to build its onshore manufacturing capacity, including semiconductors, personal protective equipment and pharmaceuticals.
“While Australia cannot and should not produce everything domestically, we have enormous potential in today’s economy to grow our manufacturing sector and play to our strengths,” he said in notes of a speech to the Australian Financial Review summit in Sydney.
Like many countries, Australia has faced supply chain issues as a result of the pandemic, including shortages of vaccines, testing equipment and protection for health professionals. “It has brought into sharp focus the need to be constantly alert to supply chain vulnerabilities,” Morrison said.
Australia’s opposition Labor Party has been pushing for greater domestic manufacturing capacity in recent months, with leader Anthony Albanese saying the country needs to be more self-resilient. Morrison must hold a national election by the end of May, and his center-right Liberal National government is currently trailing badly in opinion polls.
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