To support Canberra’s growing population, the ACT Government has a number of strategies to grow the economy and nurture local businesses – including the launch of a Priority Investment Program (PIP) to drive ACT industry development.
While the federal government offers many opportunities for business, it is not the only government player in Canberra. The ACT Government also provides tremendous opportunities for businesses operating across all sectors – and is actively looking for businesses and ideas to drive ACT industry development and grow the ACT economy.
Canberra is a city of approximately 400,000 residents with an additional population of nearly 190,000 in the Canberra region. By 2031, the combined ACT and Canberra region population is expected to reach 745,000.
In recognition of this growth, the region’s economic development objectives include cyber security, renewable energy, defence, digital economy and e-government, space, agri-technology and plant sciences, healthy and active living, and education.
Capability in infrastructure services and building also figure strongly, with stage 2 of the Light Rail currently being considered, along with a number of other large construction projects.
To achieve these economic development objectives, the ACT Government is currently focused on ACT industry development. This includes a number of strategies to grow and nurture local business, while also attracting national and international business.
A recently announced ACT Government initiative is the Priority Investment Program (PIP). The PIP aims to enable collaboration between the ACT Government, industry, research and the tertiary sectors to attract investment and grow established and emerging priority sectors of Canberra’s economy.
The PIP targets sectors of the ACT’s economy that warrant a priority for investment – including but not limited to cyber security, space, defence, renewable energy, agri-technology and plant sciences, healthy and active living and education, where Canberra has known and established strengths to capitalise on the rapidly growing global opportunities.
A funding round of $2 million has been opened in the 2019/20 financial year, and is available on a competitive basis to projects that:
- demonstrate how the project will attract and retain an inward flow of investment and talent into priority sectors
- establish or deepen collaboration between industry, higher education and research, and government to align capabilities in advanced technology sectors
- realise and sustain both latent and potential growth opportunities for the ACT’s knowledge-based economy, and
- demonstrate collaboration by a diverse mix of activity, industry and firm sizes.
Expressions of interest are now open, closing 18 November 2019, with full details at www.act.gov.au/pip. The program represents an opportunity for businesses to promote new ideas and innovation across a range of sectors to the ACT Government.
This initiative for ACT industry development comes from the Economic Development Division in the ACT Government.
Mia is working with the Economic Development Division to better understand the needs of the ACT Government, and where business can assist.