- Published:
- Thursday 14 May 2015
Minister for Small Business, Innovation and Trade, Adem Somyurek, announced that today marks the start of the outbound trade mission for Victoria’s leading defence and aerospace companies who will be showcasing their advanced manufacturing capabilities in the US.
The trade mission will help Victorian companies to build export opportunities and strengthen their capacity to win work on major Australian and international defence and aerospace projects.
In addition to qualified meetings with leading defence industry organisations, mission delegates will participate in tailored programs including one-to-one business matching, defence industry training, industry briefings and high-level networking events.
The trade mission will be made up of 24 Australian companies, of which 13 are Victorian based, and is a key opportunity to boost the state’s defence industry valued at $1.5 billion annually.
Through this trade mission, the Andrews Labor Government will encourage US defence companies to invest in the local economy and create jobs through major military vehicle and naval projects, such as the Australian Defence Force’s LAND 400 Land Combat Vehicle System, valued up to $15 billion.
Victoria is home to more than 300 businesses supplying products and services to domestic and international defence and aerospace markets.
These companies have secured more than 50 per cent of local contracts awarded through the Federal Government’s Defence Materiel Organisation’s Global Supply Chain and 70 per cent awarded for the Joint Strike Fighter program.
The defence technology industry is one of the six sectors that the Labor Government is targeting through the $200 million Future Industries Fund. The Fund will transition the Victorian economy through targeted strategies to grow Victorian industries, creating jobs and growth now and into the future.
Quotes attributable to Minister for Small Business, Innovation and Trade, Adem Somyurek
“This trade mission will link Victorian companies with key decision-makers in some of the world’s largest defence organisations, showcasing the state’s advanced manufacturing capabilities.”
“We’re working to ensure our defence and aerospace companies can build partnerships in countries such as the US, which will boost international investment and exports.”
Quote attributable for Minister for Industry, Lily D’Ambrosio
“The defence technology industry has the potential for extraordinary growth. Our Future Industries Fund will support it to innovate and grow, creating jobs now and into the future.”