Attractingprivate sector investment to the Territory will be made easier with the introductionof a dedicated team to collaborate with significant project proponents.
Budget2019 is providing $1.566m over two years for a team of Significant ProjectChampions to help investors navigate the regulatory and operationalenvironments to expedite their projects.
Theteam will facilitate investments which are less than $100 million and aredeemed significant. This will fill a gap for support to projects not largeenough to receive Major Project Status, but larger than those supported by theSmall Business Champions.
Byproviding the resources to support business, private sector investment can befurther leveraged to accelerate and diversify the Territorys economy andcreate more jobs.
Thenew team will be supported by a renewed focus on securing timely delivery ofprivate sector investment across the Territory including major projects and theexpansion of existing businesses large and small.
MajorProjects to the value of $55 billion are currently being facilitated, involvingmore than 10,000 jobs during construction and 3,000 when operational.
Establishingthe Significant Project Champions team is consistent with The Plan for BudgetRepair recommendations, including that an Office of Investment Attraction beestablished within the Department of Trade, Business and Innovation.
TheOffice will support a more coordinated approach to attracting, securing anddelivering private investment to the Territory. The specific structure of theOffice is being designed to ensure investment attraction activities delivermaximum value for the Territory.
The Champions will help facilitate the delivery ofsignificant projects, including helping proponents with relevant legislation,authorisations, licences and permits.
TheSignificant Project Champions will operate within the Department of Trade,Business and Innovation. The creation of the positions will not increase theagencys staffing cap.
As noted by the Minister for Trade, Business and Innovation, Michael Gunner
Weare open for business and we want to make it as easy as possible to invest in the Territory.
Weneed to ensure the process for investors is streamlined, efficient and presentsthe Territory in a consistent and professional manner.
OurSignificant Project Champions are designed to make the investment journeyeasier.
From outliningopportunities, to assisting with approvals and applications, to finalinvestment decisions, to making projects a reality, they will help driveeconomic growth and create jobs.
There areincredible proposals on the horizon and our Significant Project Champions willbe key to securing these investments.