However, it won’t reveal any detail until the mid-budget review is released, expected to be next week.

The new package coincides with today’s release of the Government’s North Atlantic Strategy Directions Paper to build trade with North American and European markets.

“Our overseas goods and services export market is worth $14.7 billion and supports more than 65,000 jobs – we are determined to grow this sector,” Investment and Trade Minister Martin Hamilton-Smith said today.

The package comes as the government launches its North Atlantic Strategy Directions Paper into fostering relationships with North American and European markets.

“The directions paper will highlight how South Australia should engage with this region to help attract foreign direct investment, increase exports and increase research and development activity,” he said.

Hamilton-Smith said the government wanted to build areas of mutual interest.

“These include natural resources, energy, renewable assets, agribusiness, health, science, pharmacology and biotechnology.

“Once developed, the strategy will build upon the state’s relationship with some of its oldest trade partners, ensuring they know that South Australia is open and ready for business.

“The North Atlantic region is the largest source of foreign direct investment into Australia, with Europe leading and North America a close second.”

The Opposition Investment and Trades spokesman Tim Whetstone said it had been call on the Weatherill Government to increase support for SA exporters.

“Particularly with the steady decline in the state’s merchandisable exports,” Whetstone said.

“All Australian states are experiencing the same global economic conditions and yet South Australia has lost important national market share, from 7.4 per cent in 2002 to 4.6 per cent today.

“The state must regain that vital market share to stimulate the economy and grow jobs”

“The Export Partnership Program has been oversubscribed and any extra funding to support our exporters is important, however, we cannot forget that the failed Gateway Business Program was originally promised at $1 million per year and at one point, the State Government spent less than half of that funding.

“Since the 2011-12 State Budget, the Labor Government has reduced funding for its main export program from $30 million to $20 million.”

The Government’s funding announcements follows a SA delegation to South East Asia last month and Hamilton-Smith said the government’s plan was to introduce the state to other countries.

“The 2016 program will recognise the 30th anniversary of South Australia’s sister-state relationship with Shandong Province in China, following our largest ever delegation in May.

“Other program highlights include India and South East Asia, United States of America, Europe and the United Kingdom, the Middle East and North Africa, Japan and South Korea.

“This international engagement plan sets a pattern for future years and will give small to medium enterprises certainty as they structure their own international engagement programs.”

A further $1.7 million was announced, over the next two financial years, for the Export Partnership Program to provide like-for-like funding to SA exporters.