Investment Attraction South Australia exceeds jobs target

5 October

Since its establishment two years ago Investment Attraction South Australia has secured 20 major investment projects, creating 6024 jobs and representing a total economic benefit of $5.71 billion.

“Investment Attraction South Australia was originally set an ambitious jobs target of 6000 by the end of 2017 and has already more than met that goal”, Investment and Trade Investment Minister Martin Hamilton-Smith said.

The new agency has put together dedicated business teams covering five key sectors for the South Australian economy:

  • Future industries and advanced manufacturing
  • Technology and creative industries
  • Minerals and energy
  • Financial and business services, and
  • Food and agribusiness.

The Minister congratulated the agency staff and the advisory board on securing some of the world’s highest profile companies to SA including Boeing, NEC, Babcock, Datacom and Neoen. Gas explorer Strike Energy’s plans, announced in September, to relocate its corporate office and headquarters from Sydney to Adelaide, was investment number 20.

The total combined capital expenditure of these 20 projects is $1.13 billion with an estimated total economic benefit of $5.71 billion.

Investment Attraction South Australia was established with a mandate to attract foreign direct investment and create high value-adding industries and sustainable jobs. The agency promotes South Australia’s competitive advantage as a global business location and competes with all other states and countries for investment.

Mr Hamilton-Smith said the State Government’s decision to establish a stand-alone investment agency has been a huge success and the work of the agency staff, CE Mike Hynda and the internationally connected advisory board led by Rob Chapman are to be congratulated.

“The numbers clearly show this agency is achieving new jobs and playing a key part in  transforming the economy,” Mr Hamilton-Smith said.

“An additional $60 million over four years was allocated in the recent State Budget for the agency to continue its work in attracting businesses to relocate and invest in South Australia. The additional funding comprises $30 million in grants in 2017-18 and 2018-19 and $30 million in low-interest loans in 2019-20 and 2020-21.

“You only have to look at the calibre of the companies investing here to see what a success the agency has been. We’ve seen the world’s largest aerospace company Boeing create up to 250 new technical and advanced research positions in a new hub in Adelaide’s CBD. We’ve seen innovative fintech Tic Toc launch the world’s first online home loan platform offering customers approvals in just 22 minutes.

“The more than $1 billion in investment, many in new industries like autonomous vehicles, cyber security, space industries and financial technology are helping drive the transformation of South Australia’s economy.”