The New South Wales government has kickstarted a $30 million program aimed at attracting more investments in various industries, such as medical technology, digital systems, clean energy, defence, and aerospace.
The new Future Industries Investment Program is intended to help accelerate growth in emerging industries and cement NSW’s position at the cutting edge of modern manufacturing.
Minister for Enterprise, Investment, and Trade Alister Henskens said the new program builds on the government’s existing investment in manufacturing, supporting businesses to locate and grow in NSW and taking the state’s sovereign capability to the next level.
“NSW is the manufacturing powerhouse of Australia and is home to a diverse range of innovative manufacturers that make and export world-leading products,” the minister said.
“We need to ensure our state remains ahead of the pack when it comes to the manufacturing of high-value products and that means backing businesses to establish and expand their operations right here in NSW,” he added.
The program is also part of the NSW government’s response to the Modern Manufacturing Taskforce’s report, which identified initiatives aimed at providing the industry with the support it needs.
Furthermore, Initiatives identified in the response will be delivered in collaboration with industry expert and NSW Modern Manufacturing Commissioner Lisa Emerson.
Emerson said the strategy will consolidate existing plans and policies to ensure government efforts are directed efficiently and have clear measurable outcomes
“Providing support for local manufacturers, particularly at the scaleup stage, and the promotion of advanced manufacturing capabilities including technologies, processes, business models and careers will be a pivotal focus of my tenure, as we work towards the goal of economic prosperity for NSW,” Emerson said.
The commissioner will also lead government, industry, academia, and community partner engagement in the development of a new Modern Manufacturing Strategy that will support industry and NSW businesses to build the globally competitive capabilities that underpin economic success.
