The Victorian Budget will invest more than $300 million to help draw more overseas investment and support local industries. A new manufacturing centre will be developed in Melbourne under the industry development fund.
The Andrews Labor Government has labeled the International Investment Strategy is Victoria’s blueprint to draw on the strengths that secured our spot as the strongest economy in the nation.
The Victorian Budget 2020/21 will also invest $60 million to create a new Manufacturing and Industry Development Fund.
The fund will focus on backing the businesses that make medical products, medicines and other key industries like food manufacturing – cementing and strengthening Victoria’s status as the manufacturing capital of Australia.
A $20 million Australian MedTech Manufacturing Centre in Melbourne – a new hub that will put Victoria at the forefront of medical technology, innovation and design. The hub will champion, develop and identify new opportunities for Victoria’s MedTech manufacturing and innovation sector.
In September, the Labor Government announced a $15.7 million support package to help Victorian exporters deal with the effects of the pandemic with a focus on logistics and supply chains, establishing new trade channels through virtual trade missions, adapting strategies to protect relationships and finding new avenues for trade.
The Government is building on that investment with a further $16 million to ensure Victoria remains globally competitive, strengthens its international networks and positions itself as the leading Australian state for international engagement.
“By further investing in local manufacturing and local industry development, we’re playing to our strengths and getting more Victorians back in work,” Minister for Industry Support and Recovery Martin Pakula said.
“Our state is a powerhouse of trade and education. With this Budget we’re helping these industries reset, restart and build new markets and opportunities around the world.”