❓ Ms. Quirk asks about the Investment Attraction Fund's role in diversifying the WA economy and creating jobs. The Minister outlines the fund's purpose, priority sectors, and governance, emphasizing its importance for economic diversification and attracting investment.
AnsweredQoN 111Legislative Assembly
QuestionView source ↗
INVESTMENT ATTRACTION
FUND — JOB CREATION
111. Ms M.M. QUIRK to the Minister for State Development,
Jobs and Trade:
I refer to the McGowan Labor
government's commitment to diversifying the Western Australian economy
and creating new local jobs.
(1) Can the minister outline to the house how the
McGowan Labor government's recently launched investment attraction fund will contribute to a more diversified economy?
(2) Can the
minister outline to the house how the fund will create new local jobs and
support new industry?
FUND — JOB CREATION
111. Ms M.M. QUIRK to the Minister for State Development,
Jobs and Trade:
I refer to the McGowan Labor
government's commitment to diversifying the Western Australian economy
and creating new local jobs.
(1) Can the minister outline to the house how the
McGowan Labor government's recently launched investment attraction fund will contribute to a more diversified economy?
(2) Can the
minister outline to the house how the fund will create new local jobs and
support new industry?
AnswerView source ↗
I thank the member for the
question, because the member for Landsdale is as equally committed as the
McGowan government to creating jobs through a strong, diversified state
economy.
(1)–(2) I was delighted to last week be in a position to
launch the investment attraction fund, which was one of our central election
commitments at the last election. I launched it at Spacecubed, which is a co-working
and innovation space. It was great to be there to talk to the young innovators
and entrepreneurs—those who are part of startups and those who are
growing existing businesses—and to see the enthusiasm and excitement
that they have for the future and the opportunities that exist in Western Australia.
The investment attraction fund is one of the McGowan government's major
commitments and will assist in bringing further investment and jobs to WA. This
important program encourages new investment that will create jobs, increase
demand for local goods and services and secure trade in new sectors within new
markets. As members will be aware, the state's commitment to diversify
the economy is crucial to the future prosperity of Western Australia.
The fund 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. Just to remind members, these priority sectors for strategic
development include energy and hydrogen, agriculture and primary industries,
defence industries, space industries, health and medical life sciences,
international education, tourism events and creative industries, and mining
equipment technology and services. The businesses seeking to establish and grow
their operations in WA are encouraged to submit an expression of interest to
the fund through Invest and Trade WA. Businesses throughout Australia and,
indeed, internationally will be able to apply for the fund, whether it is about
starting up, growing or diversifying a business, or looking to establish themselves to make Western Australia their
headquarters. Shortlisted applicants will be invited to submit a more
detailed proposal as the processes progress. To ensure the fund operates with
the proper oversight and efficiency, a governance board has been established to
assess expression-of-interest submissions and applications with a diverse mix
of senior WA government and independent industry representatives. The McGowan
government, through Invest and Trade WA is leveraging the state's
unique strengths in diverse industries to attract investment with the fund
being utilised as an important means to incentivise interstate and foreign
investment. We know that economic diversification is hard and it will be a long
road to ensure our economy can be integrated into those strategic sectors;
however, this initiative is another positive step in the journey towards the
state's expansion into industries other than raw mineral extraction. I am
sure all members in this place will share my determination to see the WA economy diversify and look forward to the
opportunities the investment and attraction fund will bring to the Western
Australian economy.
question, because the member for Landsdale is as equally committed as the
McGowan government to creating jobs through a strong, diversified state
economy.
(1)–(2) I was delighted to last week be in a position to
launch the investment attraction fund, which was one of our central election
commitments at the last election. I launched it at Spacecubed, which is a co-working
and innovation space. It was great to be there to talk to the young innovators
and entrepreneurs—those who are part of startups and those who are
growing existing businesses—and to see the enthusiasm and excitement
that they have for the future and the opportunities that exist in Western Australia.
The investment attraction fund is one of the McGowan government's major
commitments and will assist in bringing further investment and jobs to WA. This
important program encourages new investment that will create jobs, increase
demand for local goods and services and secure trade in new sectors within new
markets. As members will be aware, the state's commitment to diversify
the economy is crucial to the future prosperity of Western Australia.
The fund 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. Just to remind members, these priority sectors for strategic
development include energy and hydrogen, agriculture and primary industries,
defence industries, space industries, health and medical life sciences,
international education, tourism events and creative industries, and mining
equipment technology and services. The businesses seeking to establish and grow
their operations in WA are encouraged to submit an expression of interest to
the fund through Invest and Trade WA. Businesses throughout Australia and,
indeed, internationally will be able to apply for the fund, whether it is about
starting up, growing or diversifying a business, or looking to establish themselves to make Western Australia their
headquarters. Shortlisted applicants will be invited to submit a more
detailed proposal as the processes progress. To ensure the fund operates with
the proper oversight and efficiency, a governance board has been established to
assess expression-of-interest submissions and applications with a diverse mix
of senior WA government and independent industry representatives. The McGowan
government, through Invest and Trade WA is leveraging the state's
unique strengths in diverse industries to attract investment with the fund
being utilised as an important means to incentivise interstate and foreign
investment. We know that economic diversification is hard and it will be a long
road to ensure our economy can be integrated into those strategic sectors;
however, this initiative is another positive step in the journey towards the
state's expansion into industries other than raw mineral extraction. I am
sure all members in this place will share my determination to see the WA economy diversify and look forward to the
opportunities the investment and attraction fund will bring to the Western
Australian economy.
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