monopoly_money.jpgAustralia’s largest state, New South Wales, will open its first North American trade and investment office in San Francisco next year, according to the mayor’s office.

The announcement comes 42 years after its capital, Sydney, entered a sister-city relationship with San Francisco, Mayor Gavin Newsom’s office said last week.

Newsom said in a statement that the venture would provide a “catalyst for life sciences, clean technology and research and development between our two regions.”

New South Wales Treasurer Eric Roozendaal said in a statement that San Francisco and Sydney are both harbor cities with famous bridges, in addition being to major business centers.

“This new office gives us an on-the-ground presence in the U.S. that will encourage growth in trade and investment between New South Wales and the United States,” he said.

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