Proposals flow to innovation fund
THE Illawarra Region Innovation and Investment Fund, created to secure jobs and the long-term economic future of the Illawarra, has received 28 proposals that could result in $95 million of new investment in the region.
An advisory committee, chaired by a member of the local business community, Robert Terpening from Bisalloy Steel Group Ltd, has been appointed and will review the proposals. Successful proposals are expected to be announced in March.
The Commonwealth has committed $20 million towards the Illawarra Fund, with a further $5 million each from the NSW Government and BlueScope Steel.
Federal Minister for Industry and Innovation Greg Combet said the strong interest in the Illawarra Fund would create opportunities and help build sustainable businesses throughout the Illawarra.
“The Illawarra Region Innovation and Investment Fund is strengthening the region by stimulating co-investment opportunities and diversifying its economic and employment base,” Mr Combet said.
“The interest in the Illawarra Fund is enormously promising. It shows that there are lots of firms ready and willing to invest in the region.
“Although the Illawarra Fund was created to respond to a challenge – the restructure of BlueScope Steel’s operations at Port Kembla – it has helped identify new, exciting opportunities for the region and its workers.”
NSW Deputy Premier, Minister for Trade and Investment and Minister for Regional Infrastructure and Services, Andrew Stoner, said the Government was committed to driving innovation and creating jobs in the Illawarra.
“We understand that a growing economy delivers jobs, opportunities and increased prosperity – that’s why the Illawarra Region Innovation and Investment Fund is so important to the region,” he said.
NSW Minister for Finance and Services and Minister for the Illawarra, Greg Pearce, said the Illawarra was a crucial part of the NSW economy.
“The fund will require each application to have matching funding from the applicant on at least a dollar for dollar basis,” Mr Pearce said.
“The NSW Government will continue to work with all levels of government and stakeholders to build new job opportunities in the Illawarra.”
Member for Cunningham Sharon Bird said: “The Illawarra Fund brings together the Commonwealth and NSW Governments, BlueScope and local businesses. All are working together in partnership to create long-term prosperity for the Illawarra."
The majority of applications have been received from the Wollongong area but proposals have also come from Kiama and Shellharbour.
The applications will be jointly assessed by staff from AusIndustry and NSW Government Trade and Investment before being considered by the independent advisory committee.
The committee comprises a representative from the Commonwealth Government, the NSW Government, BlueScope Steel and will be chaired by Mr Terpening.
