Investment attraction program a boon for business
Published on 23 September 2021
Gold Coast businesses are now eligible to receive up to $3 million in funding to help grow the economy and create jobs.
The incentives are part of the Investment Attraction Program for business, sport and film to maintain the Gold Coast’s competitive advantage as a place to invest and do business.
The amount of funding will be based on their expenditure and they could also be eligible for up to $10,000 for every job created, depending on their industry and level of investment.
Since the original program was launched in 2009, the City has generated more than $1.8 billion in economic impact for the coast through the attraction of more than 40 new businesses, 40 films and 300 sporting events.
“This Investment Attraction Program is one of the first of its kind in Australia and will continue to be a welcome boost to the economy during COVID-19,” said Mayor Tom Tate.
“We have made improvements to the program to provide more incentives for businesses to relocate to the coast. Further, we will make it easier for local businesses looking to embark on significant expansion projects to access similar levels of support on the coast.”
The key improvements will include the introduction of priority industry sectors to ensure companies that generate the most economic impact are awarded the highest level of incentive.
There will be scaled incentives for both capital investment and operational expenditure to encourage continued investment and promote supply chain development in the city.
Incentives are available for high-value job creation and attracting skilled workers. The eligibility criteria will be broadened to enable accelerated reinvestment in local businesses.
One Gold Coast business benefiting from the funding is AMEC Plastics, based in Burleigh Heads. It has supplied injection moulded products for 30 years and plans to triple its operations in its manufacturing facility size, staff numbers and turnover in the next three years.
The scheme has allowed them to service local businesses looking to return their manufacturing bases back to Australia.
AMEC Plastics will use the funding to accelerate upgrades to infrastructure and equipment.
For information on the Investment Attraction Program visit cityofgoldcoast.com.au/investment