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Ministers launch SA innovation and investment fund.



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Innovation, Industry, Science and Research: Ministers and Parliamentary Secretary

MINISTERS LAUNCH SA INNOVATION AND INVESTMENT FUND

Innovative job creation projects aimed at boosting manufacturing in Adelaide’s southern suburbs will benefit from a major industry assistance package launched today.

The $30 million Industry Development Program, part of the South Australian Innovation and Investment Fund (SAIIF), has been set up by the Federal and South Australian governments in response to the closure of Mitsubishi’s Tonsley Park assembly plant.

Senator Kim Carr, Minister for Innovation, Industry, Science and Research joined South Australia’s Deputy Premier and Minister for Industry and Trade, Kevin Foley at Lonsdale today for the launch.

Senator Carr said the Industry Development Program would favour projects that strengthen and diversify South Australia’s manufacturing and technology base beyond the automotive industry.

“Both our governments are disappointed that Mitsubishi closed its operations here, but we are determined to see the local economy bounce back strongly with an even more diverse and innovative manufacturing sector,” Senator Carr said.

SA Deputy Premier Kevin Foley said: “The Federal and State governments are working together to achieve the best possible outcome, with the fund aiming to significantly boost economic capacity in Adelaide’s southern suburbs.”

Under the SAIIF guidelines, companies can apply for grants of up to $5 million.

Successful applicants will need to provide at least 50 per cent of the cost of plant and equipment for the production of outputs. Projects must have at least $500,000 in eligible capital costs.

“The applications will be assessed by a three-member SAIIF Independent Advisory Committee, chaired by Allen Bolaffi, the managing partner of chartered accountants UHY Haines Norton,” Senator Carr said.

Applications for grants under the SAIIF will be assessed in rounds which will be advertised nationally.

Round One will open on 25 July 2008 and applications must be received by the Federal Department of Innovation, Industry, Science and Research by 17 October 2008.

The Department of Innovation, Industry, Science and Research and the SA Department of Trade and Economic Development will provide advice to intending applicants during the application period.

Innovation Minister > Senator the Hon Kim Carr

Media Release

Senator the Hon Kim Carr

25 Jul 2008

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For further information: www.innovation.gov.au or phone (03) 9268 7548

Media inquiries: Catriona Jackson (Minister Carr's office) 0417 142 238 Rik Morris (Deputy Premier Foley's office) 0400 269 602

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