Adelaide Crows Chairman and seasoned banking executive Rob Chapman will lead a $15 million investment fund aimed at bringing new jobs to South Australia.
The 2015-16 State Budget includes $15 million over two years for the fund, which will be administered by a newly established investment arm reporting to the Minister for Investment and Trade Martin Hamilton-Smith.
Mr Hamilton-Smith said he met with Mr Chapman today to congratulate him on the appointment and to discuss how the new investment arm will attract new and growth industries to boost the economy and create jobs.
“The State Government is very pleased to welcome Mr Chapman to its investment team. He brings a wealth of experience to this role as a seasoned leader in the business and financial sectors,” Mr Hamilton-Smith said
“The State Government has been working on establishing a dedicated investment arm for some time, following advice from the Economic Development Board, which highlighted the need for an investment body which supported the State Government’s international engagement plan.
“The Economic Development Board recommended the creation of an investment attraction body that would focus on Foreign Direct Investment leading to job creation.
“Modelled on similar successful funds in Ireland and Singapore, it will be the leading body within government for all major investment attraction activity from both overseas and from interstate companies.
“South Australia needs to forge its own future and attract investment in new and growth industries to create jobs for young people entering the labour market for the first time, and for existing workers in search of a new career,” Mr Hamilton-Smith said.
“These funds will be available to companies planning to expand or move that could create jobs in South Australia.
“We will be working to attract capital to growth sectors, establish new operations of international firms and facilitate the start-up of new industries.
“This new investment arm will lead all major investment attraction activity by developing and marketing suitable projects and proactively identifying and facilitating potential investment.
“The State Government has recognised that we need to have a professional and consistent approach to industry.
“We will seek to build on our existing capabilities and strategic strengths including agribusiness, resources, health, services and advanced manufacturing.
“South Australians will not grasp the opportunities of the future without attracting significant foreign direct investment into South Australia.
“It’s all about creating jobs for South Australians.”
Mr Chapman said he will now focus on securing a Chief Executive and board members. “We are at a point where we need to be aggressive and capitalise on what we do have.
“We’re going to have a real crack at this and we’re not going to die wondering.”