Published on : Aug 04, 2015
The joint alliance of the Federal Government with 15 South Australian companies is a combined effort to invest $73.3 million in the state’s manufacturing industry. Federal Industry Minister, Ian Macfarlane commented that the investment would help and assist companies that had actually developed sophisticated devices in the market. They could sell them to the global supply chain.
The drive aims to establish 430 jobs in the manufacturing industry for the common man. The government’s share of the cash is $28.8 million.
The companies that have been on the market are some of them who have developed a new manufacturing process in the global scenario. They allow them develop a highly effective component of equipment that can be fairly used to replace an existing product or component in the industry, added the minister.
The product is novel and sophisticated that the devices do not only get a high price in the market but in some cases they pose no concrete competition from the competitors due to the market advantage internationally.
In the meantime, Mexican Express is expected to receive $1.6 mn grant so that it can expand its production line. In addition, 15 local businesses will also receive grants of cash between $500,000 and $3 mn.
Ian Young, Managing Director the investment is planned for use to buy a new packing machine. The machine will aid businesses enter into a new market. It will allow consumers to perform and do all sorts of products without any preservatives.
The device is just like tetra-pak milk without any preservatives in the pouch, he said. It is great for the company as they have no major competitors on the market who are manufacturing these devices.
The state minister also said it was critical South Australia readied for the settling down of Holden’s Elizabeth plant, which is due for a close in 2017.
The investment will stimulate economic activity and increase business competitiveness while raising the job opportunities and sustainability in South Australia.