A new Investment Territory team that will lead a whole-of-government charge in attracting andsecuring private investment in the Territory will begin operations on Monday.
It is one of the key recommendations of the Langoulant Plan for BudgetRepair and has one purpose – to create local jobs throughprivate investment. Investment Territory will pursueinvestment and make sure investors are supported from their first interest inthe NT through to an investment outcome.
The new office will aim to increase the Territorys growth rate froman average of 2.5% to 5%,adding a billion dollars to the Territory economy and creating jobs.
Private sector investment creates and sustains jobs. It providescapital to finance new industries like space and solar, and to develop and growexisting industries like agriculture, tourism and mining.
The 40 strong team, is part of the Department of Trade, Business andInnovation and will be led by current department executive Luke Bowen. The team has been made up of staff from acrossthe Northern Territory Government.
Last month the Territory Government announced details of its $89million co-investment fund aimed at creating more local jobs and acceleratingmajor and significant projects in the Territory. The Fundwill be administered by Investment Territory.
Using the Local Jobs Fund, Territory businesses will be able to getprojects investment ready, undertake detailed feasibility studies, leverageprivate sector finance and investment and reach financial close.
As noted by the Chief Minister, Michael Gunner
We know that increasing private sector investment creates strongeconomic growth and more local jobs – especially more permanent jobs. This ishow we break out of the Territorys boom and bust.
Our Territory is attractive and exciting to investors whether it besolar, space, or aquaculture, or in our already existing industries such asagriculture, tourism and mining.
I have set Investment Territory the ambitious target of increasingthe Territorys average growth rate from its current projection of 2.5% to atleast 5%.
Achieving this will see an additional $1 billion in the Territoryeconomy and thousands more jobs.