The South Australian government wants at least 10 innovative companies from interstate or overseas to set up shop in the state this year under a new $1 million a year Investment Accelerator Program.
Officially launched on Tuesday, the program will seek to create high-skilled and well-paid jobs in priority sectors like health and medical, critical technologies, defence and space, energy and green industries.
Businesses without a physical presence in South Australia will be offered up to $100,000, with the funding to be used to cover the cost of office accommodation and other services, including accounting, taxation, migration advice and marketing.
The program has ongoing funding of $1 million per financial year and will support ongoing work by the re-established Invest SA to bring investment into the state.
It was funded as part of a broader $6 million package in this year’s state Budget to spur investment attraction over the next four years,
South Australia’s Trade and Investment minister Joe Szakacs said the Investment Accelerator Program will help key priority areas of the state’s economy grow.
“The Department of State Development and the team at Invest SA, continue to contribute to the state’s economic performance rankings,” Mr Szakacs said.
“This is demonstrated by the recent announcement of South Australia named in the top spot of the CommSec State of the State’s economic performance report.”
The Malinauskas government re-established Invest SA in mid-2022 within the Department of Trade and Investment.
It is comprised of investment and business development professionals responsible for helping companies navigate government investment programs and find collaboration partners alongside other market opportunities.
The state government claims the office has attracted more than $2 billion worth of investment into South Australia since it was re-established.
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