Business bulletin: 1 June 2023

Growing the Territory’s agribusiness sector to $2 billion by 2030 has taken an important step forward with the release of the Territory Government’s agribusiness 2030 strategy which was co-designed with industry partners.

Agribusiness 2030 provides a framework to deliver growth across multiple primary industry sectors. The current gross value of production for the Territory’s agriculture and aquaculture industries is $1.3 billion. The overall vision of the strategy is to almost double the economic contribution of the agribusiness and aquaculture sectors by 2030.

This targeted growth will create new jobs, grow our population, boost economic prosperity and protect and enrich our lifestyle. This also aligns with the Territory Government’s economic growth target of $40 billion by 2030.

The strategy identifies four strategic priority areas to achieve this economic target, they include:

Engage: Stronger engagement with industry stakeholders, associations, investors, regulators, markets and community to raise awareness and support for our industry.

Protect: Protecting our operations, produce, livelihoods and supply chains so that we can retain our competitive advantages.

Adapt and Innovate: Continually adapting and innovating in response to climate change threats and transition to renewable energy sources to better overcome challenges and create opportunities.

Grow: Growing a skilled workforce and new enterprises with more Aboriginal participation to provide a better future for all Territorians.

Work on implementation has already begun with a number of projects, programs and activities well underway.

Read the agribusiness 2030 strategy.

Darwin business, Steeline GRP is the latest recipient to be awarded co-investment under the Advanced Manufacturing Ecosystem Fund (AMEF).

The company is collaborating with Charles Darwin University, Diverseco and Custom Works to integrate new manufacturing equipment to scale up its operations.

Steeline’s project will commit $3.5 million in total to grow the capability and capacity of the Northern Territory’s (NT) manufacturing ecosystem.

This includes an $800,000 investment from the AMEF and a further $1.9 million investment by Steeline through in-kind services support and labour.

Steeline General Manager, Tony Halikos said, “Our advanced manufacturing facility will house state of the art automated manufacturing technology and will be supported by skilled staff possessing STEM capabilities that do not currently exist in the NT.”

“In short, we will be removing the requirements to outsource work interstate or overseas while creating more local jobs - it’s a win-win for the Territory.”

The project is forecast to generate $7.5 million in additional revenue over 5 years.

Steeline is the sixth NT business to receive investment through the AMEF, which is administered by the Advanced Manufacturing Growth Centre (AMGC).

AMCG NT Director, Charmaine Phillips said, “Steeline’s project represent an important lift in the ability of the NT manufacturing ecosystem to supply important economic development and major projects across the region - precisely what the AMEF was designed to achieve.”

The AMEF is part of a 5‑year $8.75 million partnership between the NT Government and the AMGC, and it provides grants to industry-led advanced manufacturing projects in the Territory across priority sectors.

Local businesses looking to deliver small-scale projects across the Territory can now access support under a new loan program delivered by the Australian Government’s Northern Australia Infrastructure Facility (NAIF) and the Northern Territory (NT) Government.

The Territory Infrastructure Loans program aims to expand infrastructure and improve economic outcomes, including for Indigenous Territorians. It also designed to support job creation and boost economic engagement in our regions.

NAIF will contribute up to $50 million to the program and the NT Government, through its Local Jobs Fund will contribute up to $16.6 million over 2 years.

The program offers concessional loans for the development and expansion of infrastructure-lead projects, and loans up to $10 million are available to support the development of economic, infrastructure, employment and regional growth.

To be eligible to apply for a Territory Infrastructure Loan, businesses must develop a satisfactory Indigenous engagement strategy which ensures ongoing, effective and appropriate engagement with Indigenous groups and organisations.

Businesses must be able to demonstrate how they will create employment and drive economic growth. An approved Territory benefit plan that describes public benefit is also an eligibility criterion under the program.

The Territory Infrastructure Loans program is open to applications for 24 months, or until a total allocation of $66.7 million is utilised.

For further information, go to the Invest NT website.

Last month, Darwin hosted the ASEAN Business and Investment Summit, and ASEAN Indo-Pacific Infrastructure Forum (AIPIF) Roadshow to further strengthen economic cooperation between Indonesia and Australia.

The event was part of a broader national roadshow delivered in collaboration between the Indonesian Embassy in Canberra, the Consulate of the Republic of Indonesia in Darwin and the Australian-Indonesia Business Council.

The roadshow is aimed at increasing trade and investment opportunities between Australia and Indonesia across various sectors including investment projects, manufacturing, education, cattle exports and tourism.

The roadshow highlights the Northern Territory (NT) Government’s commitment and shared ambition to strengthen our close economic, social and cultural ties.

The Northern Territory Government’s international engagement strategy 2022 to 2026 also identifies Indonesia as one of our high priority partners.

Indonesia is the Northern Territory’s sixth largest export partner and seventh largest trade partner. Growing and expanding our people-to-people links, and our trade and export partnerships is a key priority to achieving the NT’s economic growth.

Find out more about NT’s international engagement strategy 2022 to 2026 .

Committee members are being sought to support the development of the new Central Australian Innovation Network (CAIN).

CAIN is a collaborative group of like-minded individuals, business, industry, academia and government, who are passionate about innovation development in Central Australia.

As a committee member you will be responsible for advancing the growth of Central Australia’s innovation ecosystem which includes:

• engaging and recruiting individuals and organisations that are interested in joining CAIN
• identifying opportunities to support innovation in Central Australia
• supporting businesses to develop and commercialise innovation through advice, funding, and in-kind support
• driving progress on collaborative innovation projects such as to support young people, deliver and achieve in Central Australia.

CAIN will operate alongside other innovation networks including the Women’s Innovation Network NT and the NT Drone Industry Network.

Expression of interests to join the network and or committee to create a vibrant and strong innovation ecosystem in Central Australia.

To find out more email innovation@nt.gov.au.

Nominations for the committee close on Friday 16 June 2023.

To find out more about innovation in the Territory, go to the Innovation website.