The Northern Territory has announced the formation of a new Economic Development Cabinet Sub-Committee, charged with overseeing the Territory’s ‘next big economic advance’.

Chief Minister Adam Giles has announced that the Sub-Committee had been formed, and will be supported by an expert panel, and will be tasked with progressing the growth of the Territory economy around mining and energy, tourism, education, food and exports.

"It is crucial for the growth of the Territory that this Government has a major focus on hunting down and realising the unique opportunities the NT has to offer the world," Mr Giles said.

"Attracting the next INPEX, the next global company to the Northern Territory, is a key priority, including value-adding downstream processing, while we continue to reinforce our strong environmental credentials.

"This Government is not about digging up, shipping out. We want to add value right here in the Territory to benefit all Territorians.

Mr Giles will be chair of the Cabinet sub-committee, with the other members being Treasurer David Tollner, Minister for Mines and Energy Willem Westra Van Holthe, Minister for Lands, Planning and the Environment Peter Chandler and Minister for Tourism and Major Events Matt Conlan.

“I hope to, in coming weeks, travel to Canberra to talk with the Prime-Minister and the potential Prime-Minister about prospective economic projects the Territory has coming on board,” Mr Giles said.

"This is beyond party politics, it's about the identification and realisation of economic opportunities for the NT, and not just oil and gas, but tourism, education, exports and food production," Mr Giles said.