Future Industries Fund provides $20m in grants for key growth sectors

THE Victorian Chamber of Commerce and Industry Chief Executive Mark Stone said the chamber supports today’s announcement by the Victorian Government of a $20 million Sector Growth Program to support economic growth and job creation in identified priority growth sectors.

The Program will provide up to $1 million in matched funding for projects that strengthen industry capability, pilot new technologies and invest in innovative infrastructure.

$100,000 grants are available for scoping, planning and feasibility studies that explore sector opportunities to strengthen market pathways, boost industry capability and increase supply chain efficiency.

Applications for either stream of funding must be submitted on behalf of a consortium of organisations that include at least one Victorian small to medium sized enterprise (SME).

The co-contribution grants will encourage investment and business expansion in the identified priority growth sectors of medical technologies and pharmaceuticals, new energy technologies, food and fibre, transport, defence and construction technologies, international education and professional services.

Accompanying today’s funding announcement is the release of individual strategies to grow these priority sectors. Each strategy contains specific actions that the government will take to strengthen investment, improve university and business collaboration, create jobs and drive new opportunities in local and international markets.  

The Victorian Chamber has played an active role in contributing to the development of the Future Industries Sector Strategies and looks forward to continuing to work with the Victorian Government to ensure their successful implementation.

Further details of the Future Industries Sector Growth Program can be found on the Business Victoria website.

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