The Tasmanian government has awarded a total of $619,000 in grants to seven local businesses to help them expand their manufacturing capabilities and support interstate and international market growth opportunities.
The funding was made through the state’s Advanced Manufacturing Accelerating Growth Program, which seeks to encourage advanced manufacturers to purchase new equipment that would foster growth into new markets or expand current ones.
The successful businesses being supported in the program’s latest round are namely, Odyssey Geophysics, Tamar Hydro, Delamade, Bioflex Nutrition, Decrolux, Marinova, and Elphinstone
Five of the selected businesses for the program’s third round are based in regional areas, such as Grove, New Norfolk, Exeter, Westbury, and Deloraine.
The funding is expected to encourage approximately $1.72 million in total investment and generate more than 80 new manufacturing jobs within Tasmania.
The Advanced Manufacturing Accelerating Growth Program’s fourth round is expected to open in early 2023.
Further information and new program guidelines are set to be available from Business Tasmania in late January next year.
Tasmania’s manufacturing sector is a crucial element in the state’s economy, generating more than $7 billion in turnover per year and employing over 18,000 Tasmanians.
The grant program’s support is intended to help the sector continue to evolve and prosper.
