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Engineering company receives export funding



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M lN fSTER ^FO R

INDUSTRY, TECHNOLOGY and COMMERCE

SENATOR JOHN BUTTON 17 J u l y 1991

ENGINEERING COMPANY RECEIVES EXPORT FUNDING 91/52

The Minister for Industry Technology and Commerce, Senator John Button, said today an engineering company was the latest firm to receive funding under the International Trade Enhancement Scheme (ITES).

Senator Button said the Powauto Division of Clyde Industries Ltd would receive $2.1m from the scheme, which is administered by AUSTRADE, to assist the company undertake a major expansion of its export business.

The Powauto Division of Clyde produces engineering Services and a range of automotive and transport industry products including power take off (PTO) units, pumps and winches.

Powauto's ITES project involves the sale of the company's products, PTO's in particular, in South East and North Asia.

Substantial export earnings are expected from the project.

"The provision of these funds indicates the Government's preparedness to offer substantial support to companies with high level production and exporting skills," said Senator Button.

The Federal Government is providing $15.9 million in ITES funds in 1990/91. This will rise to $21.3 million in later years. Individual projects may receive up to $2.25 million.

Senator Button said the ITES Scheme is largely directed towards applicants who have demonstrated a successful track record in exporting and who need assistance to undertake a significant expansion of their current international business activities.

Under the Scheme participants are required to contribute at least half of the financial resources needed to conduct new international business activities. A total expenditure of at least $100,000 is required to qualify for funding.

AUSTRADE may require repayment of support funding or the payment of a success fee. It will, if necessary, also provide support for the development of international business.

For further information:

Stewart Foster, Austrade 276 5124

Sandra Eccles in the Minister's Office 277 7580

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