New investment team leading the Territory
A new team will lead the whole-of-government effort in attracting and securing investment in the Territory.
The new office, called Investment Territory, will pursue investment and make sure investors are supported from their first interest in the Northern Territory through to an investment outcome.
The new office will aim to increase the Territory’s growth rate from an average of 2.5% to 5%, adding a billion dollars to the Territory economy and creating jobs.
The 40 strong team, is part of the Department of Trade, Business and Innovation and will be led by current department executive Luke Bowen. The new team has three key roles:
- strategic leadership and coordination of the whole-of-government approach to investment attraction
- engaging with the market to grow awareness and build our key trade and economic relationships
- investment facilitation for major projects, facilitated projects and significant projects
An enhanced market engagement function will strengthen promotion of investment opportunities in the Territory, supported by industry-specific teams who will support potential investors along the investor journey.
Existing investors in the Territory will continue to be supported through their established contacts under the major projects framework.
Last month the Northern Territory Government announced details of its $89 million co-investment fund aimed at creating more local jobs and accelerating major and significant projects in the Territory. The fund will be administered by Investment Territory.
Using the Local Jobs Fund, Territory businesses will be able to get projects investment ready, undertake detailed feasibility studies, leverage private sector finance and investment and reach financial close.
For more information about the Local Jobs Fund go to jobsfund.nt.gov.au