Investment agency putting runs on the board for South Australia
Tuesday, 02 August 2016
Since it was set up just under 12 months ago, South Australia’s Investment Attraction Agency has secured 10 major investments, generating more than 3800 jobs and in excess of $950 million in new investment for the State.
Investment and Trade Minister Martin Hamilton-Smith said all this has been achieved without having to spend any additional Government funds.
The Minister has also announced the reappointment for an additional two years of Rob Chapman as Chair of the Investment Attraction Advisory (IAA) Board. In addition, a new member Ms Joanna Hewitt joins the board. Ms Hewitt’s career has spanned senior public and private sector roles in the areas of agriculture, trade and foreign policy, as well as corporate and public sector boards in Australia and internationally.
IASA owes much of its success to its high-profile global advisory board tasked with leading the agency into the next phase of its strategy to create jobs and investment for the State.
The board, comprising business leaders from around the world, will host its first meeting in Adelaide tomorrow since being announced in April this year. Members, who provide unprecedented access into international networks in strategic markets including China, the United States, United Kingdom and Europe.
Investment Attraction South Australia was established to drive inward investment for South Australia with a key focus on capturing foreign direct investment. This investment creates high value-adding industries and sustainable jobs.
The agency works with local, national and overseas businesses and targets potential investors who can further South Australia’s economic transformation and create jobs.
The Investment Attraction Advisory Board is responsible for identifying and facilitating business leads and investment opportunities through global networks and expertise in targeted regions, and to provide independent advice and recommendations to the Minister for Investment and Trade on investment opportunities and the allocation of the Economic Investment Fund.
With approximately 100 existing pipeline projects, IASA has already worked closely with the following firms to create South Australian jobs and investment: Inghams; ScreenAway; NEC; Babcock; Buddy Platform and Orora.
Quotes attributable to Investment and Trade Minister Martin Hamilton-Smith
These figures are a fantastic return on investment and clearly show the Government’s decision to centralise and streamline the State’s investment attraction efforts was justified. The agency has a staff of 27.6 and administers a $26 million fund which includes $6 million for critical defence industry attraction.
While supporting business through attraction funding, Investment Attraction South Australia does far more than this. It’s the agency’s mandate to capture foreign direct investment - investment which creates high value-adding industries and sustainable jobs. The IAA also works with investors to provide a dedicated point of contact for all project requirements and ensure they have the best support to expedite a project in what may be a new city.
It has also worked with firms to simplify dealings with government and other business partners to streamline the path to a secure investment, provide policy and regulatory assistance to accelerate investments and to help access the State’s skilled local workforce, ensuring investors are connected to professionals who can deliver results.
The first year statistics are strong, with new jobs and investment being achieved without spending one additional Government dollar, with costs coming from savings in other department including PIRSA and DSD. To achieve these results in such a short time is a tremendous result for the agency and our State.
I’m pleased to announce the reappointment of Rob Chapman as Chair of the Investment Attraction Advisory Board for a further two years. His experience and extensive business networks within Australia and across the globe have been a huge asset to the agency in its first year and I thank him for his commitment and leadership.
Tomorrow’s first Adelaide hosted board meeting will also welcome Joanna Hewitt to the IAA Board. Joanna’s experience in public and private sector roles in the areas of agriculture, trade and foreign policy is a welcome addition to the Board, and further enhances the diversity and experience of board members.