Gold Coast's investment attraction program returns $105,000 a day to local economy

The Gold Coast City Council's program to attract investment has returned lucrative dividends for the city. BusinessGC research shows the efforts are equal to almost two new jobs and more than $105,000 a day injected into the local economy.

 

Gold Coast City Council's Economic Development branch, BusinessGC has released figures showing the effectiveness of the Investment Attraction Program that has been running for the past two years.

Gold Coast City Council Economic Development and Tourism Chair, Councillor Susie Douglas, said the Investment Attraction Program had helped push the region to one of the fastest-growing urban development areas anywhere in the world.

"A combination of lower costs, a highly-skilled local workforce, world-class infrastructure and a supportive business environment means the Gold Coast is garnering a global reputation as a hotspot for investment and business success,'' Cr Douglas said.

"This is good news for businesses looking to establish, expand or relocate in Australia and fantastic news for the Gold Coast.

"Through the Investment Attraction Program 1300 direct jobs have been created so far. That's the equivalent of two new jobs every day.

"The program has also yielded $77million in direct capital expenditure, or more than $105,000 invested into the local economy each day.''

The Investment Attraction Program and incentive fund is aimed at driving investment into the city, attracting new companies to move or expand on the Gold Coast, retaining highly skilled workers and diversifying the local economy away from the city's reliance on the construction and tourism industries.

The program is aimed at expanding export focussed and knowledge-based industries in nine sectors including the creative industries of film, fashion and music, education, environment, food and beverage, health and medical, information communication technology, sport business and marine industries.

The program's report card to date shows it has secured major creative investment including $62million in capital expenditure and 1100 direct jobs through film projects.

Movie production attracted to the Gold Coast during the past two years include the killer shark movie Bait 3D, Sea Patrol Series 5, Singularity' a $25million film directed by Roland Joffe, and the upcoming PJ Hogan's Mental starring Toni Collette.

The program has produced a further 200 direct jobs and $15million in direct capital expenditure through major companies that have established or relocated to the Gold Coast.

Key successes include international IT specialist IBM establishing a new software development team in the city.

Information and communication technology (ICT) software development company Opmantack has also chosen the Gold Coast to base operations.

Cr Douglas said the Gold Coast is fast becoming a location of choice for companies and businesses in the sustainability, eco-efficiency and alternate energy sectors with companies such as Eco-Kinetics choosing the Gold Coast for their solar assembly plant.

"And retailers and manufacturers have identified the Gold Coast advantage with companies such as surfwear manufacturer SurfStitch relocating its headquarters to the Gold Coast."

Cr Douglas said the Gold Coast was ideally placed to attract further global business.

The Gold Coast City has a similar time zone to that of the major trading nations in Southeast Asia, is accessible from both the Brisbane and Gold Coast airports, has excellent access to major sea ports, and boasts major road and rail transport initiatives, including the under construction $1billion Light Rail System, she said.

Business Gold Coast is the business development arm of Gold Coast City Council. It is committed to proactively developing a sustainable economy through industry development initiatives and investment attraction opportunities. Business Gold Coast partners with potential investors, creates business opportunities, facilitates access to funding and generates networking connections across nine industry sectors.

www.businessgc.com.au

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