THE incredible growth of the Sanctuary Cove International Boat Show in recent years is testament to the significance of the marine industry to Queensland, says State Development Minister John Mickel.

Speaking at the annual Smart State Marine Industry Breakfast at the Hyatt Regency, as part of the Sanctuary Cove International Boat Show, Mr Mickel said Queensland was becoming Australia's boatbuilding powerhouse.

"Queensland is now responsible for 80 per cent of Australia's boat exports and its marine industry generates annual revenue in excess of $2.6 billion and employs some 11,000 people up and down our vast coastline," he says.

Mr Mickel says Queensland is fast developing an international reputation for the exceptional quality of workmanship on its vessels.

"Recently, the luxury Australian superyacht Seafaris was awarded the top prize at the prestigious 2007 World Superyacht Awards in Venice," he says.

"The vessel was fitted-out and finished in Brisbane by Furniture Manufacturing Company of Australia (FMCA), a subsidiary of Viking Industries Limited, who are
also involved in the manufacture of custom-designed furniture for hotels and special projects in addition to luxury yacht furnishings."

Mr Mickel says superyachts are part of a growth sector being targeted for development by the State Government.

"The international superyacht fleet today numbers more than 7000 and with our growing capacity to build, service and refit these multi-million dollar vessels, Queensland is becoming an attractive alternative destination to the Caribbean and Mediterranean," he says.

However, Mr Mickel cautions that it won't all be plain sailing for the industry as international competition increases.

"We've got to really step up our commitment to working smarter, to generating a greater share of exports and to giving our workforce the skills to take on the world," he says.

"To this end, the State Government is currently aware of investment of more than $6 billion in Queensland's marine infrastructure spanning 60 projects, including Horizon Shores, North East Business Park, Urangan, Port of Airlie and Bowen.

"This investment is both economically and regionally significant and while the Government is mindful of the constraints these developments face, we plan to undertake an assessment of development approvals and other regulatory processes spanning local, state and federal jurisdictions to streamline the process and to better inform developers of future needs.

"The marine industry will also directly benefit from our Skills Formation Strategy, the Marine Supply Chain Project, the Boat Building Technology Roadmap and a host of other State Government programs committed to funding innovative firms and those developing new markets and export opportunities."

Mr Mickel has praised the Gold Coast's marine industry for its efforts to safeguard its future.

"This year, the State Government through the Gold Coast State Development Centre and the Marine Industries and Fibre Composites Unit will continue working with local stakeholders on a number of initiatives, including the planned Marine Development Centre at Coomera, working towards a long-term solution to dredging and other marine infrastructure maintenance issues and a host of other marine industry targeted programs," he says.

This year's Sanctuary Cove International Boat Show featured the largest number of exhibitors ever in the event's 19-year history.