Deputy Premier Andrew Stoner says "high value migration" has a critical role to play in lifting productivity in NSW.
The NSW government has unveiled a plan to boost the number of business and skilled migrants to the state.
The report, released on Wednesday, outlines a strategy to support NSW's economic development and is part of a broader 10-year plan to make the state "number one".
It said the state's current skilled migrant intake was well below what it should be, with NSW only receiving 1750 skilled migrants under a commonwealth agreement in 2010-11.
"This is far below our relative economic size, given NSW accounts for more than 30 per cent of the national economy," the report said.
Mr Stoner said migrants filled important gaps in the economy.
"Migrants can provide many of the skills required to underpin actions we are taking to rebuild the NSW economy both in Sydney and throughout regional NSW," he said in a statement.
"NSW is already the preferred Australian destination for the majority of long-stay business migrants, skilled migrants and international students, but there's more we must do to realise the full economic and cultural benefits of migrant attraction."
The NSW government aims to boost the state's intake of business migrants, which currently represent only 14 per cent share of the national intake in the year ending July 2011.
"Business migrants are experienced in operating foreign businesses and the networks they have already established in their home country help develop links between NSW and international markets," the report said.
International students are also in the government's sights, with plans to cut red tape for prospective pupils and extending post study work rights.
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