A new fund has been announced by the West Australian government as part of its wider strategy to diversify the state’s economy.
Announced at Spacecubed on Wednesday morning, the $100 million Investment Attraction Fund (IAF) will seek to encourage new investment and secure trade in new sectors.
Falling under the state government’s economic development framework, Diversify WA, the fund will target priority industries such as energy, defence, space, health, medical sciences, international education, tourism, events and creative industries.
The fund is designed to attract proactive investment in these industry areas, which it says will increase the competitiveness of WA industries in both global and domestic supply chains. Also, it is hoped the fund can be used as a tool to attract global talent.
Businesses that are looking to access the fund are encouraged to submit an expression of interest. From there, shortlisted applicants will be invited to submit a more detailed application.
Selection criteria includes high-value returns, synergies with other state government initiatives, ability to leverage Federal government funding and the creation of sustainable and local jobs.
The submissions and applications will be assessed by a Governance Board which consists of a diverse mix of senior WA government and independent industry representatives.
These industry representatives include:
- John Van De Wielen, CEO of HBF
- Ivy Chen, principal consultant and CS Global; and,
- Larry Lopez, partner at Australian Venture Consultants
Spacecubed founder Brodie McCulloch told Startup News that given WA has reopened to the world, it is appropriate to have a fund that targets investment into the state.
“This is an opportunity to reach out to startups, companies and investors to get them setup in WA and take advantage of being located in the fastest-growing region in the world while connecting with our key industries,” he said.
Beyond mining
State development, jobs and trade minister Roger Cook, who spoke at the Spacecubed event this morning, said that through the fund, the state government will continue to facilitate initiatives that support the state economy’s diversification.
“This is a great initiative to drive investment and diversification of the WA economy,” said
“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.
Roger Cook
In a statement, Premier Mark McGowan emphasised the importance of taking advantage of the state’s strong performing economy.
“There is no better or safer place to do business than in Western Australia,” he said.
“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.”
Guidelines to apply, and more information is available on the IAF website.
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