WA Investment Attraction Fund opens

• Business News

Expressions of interest are now open for the recently launched Investment Attraction Fund, designed to attract new investment to Western Australia.

The newly created $100 million dollar state government commitment is set to boost local jobs, contributing to a “more diversified economy” within the state.  

According to the Western Australian Government, the state’s economy is one of the strongest and most stable in the world, with GDP exceeding pre-pandemic growth rates and unemployment at the lowest levels since 2012. 

“WA is brimming with investment and trade opportunities, with a number of unique strengths and advantages, including an abundance of natural resources and industry capability, a low risk operating environment, a successful vaccine program rollout, and a highly skilled workforce. 

“Supporting the aims of Diversify WA, the state’s economic development framework, the Fund will help grow and diversify the WA economy, create local and sustainable jobs and secure new opportunities.

“The Fund will also support a more proactive approach to investment attraction for WA, increasing the competitiveness of WA industries in global and domestic supply chains and attracting talent from all over the world.” (www.wa.gov.au)

With expression of interest submissions now open, businesses looking to grow operations are encouraged to apply.

According to the WA Government, industries that match WA’s unique strengths and diversification priorities include:

• Energy
• Mining and METS
• Defence industries
• Tourism
• Events and creative industries
• International education
• Primary industries
• Health and medical life sciences
• Space industries

Applications for investments that will improve the value and productivity across multiple sectors of the economy, such as supply chain development, advanced manufacturing, science, innovation and technology and environmental, social and governance (ESG) frameworks are also encouraged.  

Applications information

According to the WA Government website, “Applications will be assessed against selection criteria in the Guidelines to ensure that the Fund supports applications with the potential for high value returns, synergies with other WA Government initiatives, the ability to leverage Australian Government funding, and the creation of local and sustainable jobs.”

Submissions will be assessed and shortlisted, with suitable proposals invited to submit a more detailed application.  

To discuss your application in further detail, contact Elevate Accounting and book your obligation free chat HERE.

For more information on the Investment Attraction Fund and how to apply, visit www.investandtrade.wa.gov.au/InvestmentAttractionFund