- McGowan Government launches major economic diversification commitment with the $100 million Investment Attraction Fund
- Governance Board established to oversee implementation of the Investment Attraction Fund
- Expression of interest process now open to organisations seeking co-investment from the McGowan Government
The McGowan Government has delivered on a major commitment through the launch of the Investment Attraction Fund (IAF) to bring further investment and jobs to Western Australia.
The fund seeks to encourage new investment that will create local jobs, increase demand for local goods and services, and secure trade in new sectors and within new markets.
The IAF will enable investment into a range of industries, facilitating a more targeted and coordinated approach to investment attraction supporting the McGowan Government's economic diversification agenda.
The IAF builds on WA's existing strengths and industry knowledge, prioritising projects and sectors that are identified in the State's economic development framework, Diversify WA.
Diversify WA targets priority sectors for strategic development including energy primary industries, defence, space, health and medical life sciences, international education, tourism, events and creative industries, and mining equipment, technology and services.
Businesses seeking to establish and grow their operations in WA are encouraged to submit an expression of interest (EOI) to the IAF.
Shortlisted applicants will be invited to submit a more detailed application.
A Governance Board has been established to assess EOI submissions and applications, with a diverse mix of senior WA Government and independent industry representatives appointed.
The industry representatives are:
- Mr John Van Der Wielen, Chief Executive Officer, HBF;
- Ms Ivy Chen, Principal Consultant, CSA Global; and
- Mr Larry Lopez, Partner, Australian Venture Consultants.
The McGowan Government, through Invest and Trade WA, is leveraging the State's unique strengths and diverse industries to attract investment, with the IAF being utilised as an important means to incentivise interstate and foreign investment.
For more information on the Investment Attraction Fund, please visit https://www.investandtrade.wa.gov.au
Comments attributed to Premier Mark McGowan:
"The Government's management of COVID-19 has been world-leading, and has helped keep our State's economy strong and stable.
"There is no better or safer place to do business than in Western Australia.
"As Western Australia and the world reconnects, it's essential that we capitalise on new opportunities. That's why we are committing $100 million to helping the industries of the future grow and succeed in our State."
Comments attributed to State Development, Jobs and Trade Minister Roger Cook:
"This is a great initiative to drive investment and diversification of the WA economy.
"With our existing strengths, industry knowledge and expertise, Western Australia is the natural home for many new and emerging industries.
"The Investment Attraction Fund has been established to make sure we capitalise on our comparative advantages, build upon our thriving innovation ecosystem and help industry deliver the jobs of the future for Western Australians.
"Through the Investment Attraction Fund, the McGowan Government will continue to deliver initiatives that support the diversification of our economy.
Premier's office - 6552 5000
State Development, Jobs and Trade Minister's office - 6552 6500