Australian automotive component suppliers will receive $6.5 million to win work in global supply chains
November 23, 2012
Australian automotive component suppliers will receive $6.5 million in government grants to win work in global supply chains.
Federal, Victorian and South Australian governments this week announced 10 Australian automotive suppliers would be given grants of up to $1 million each for new product development, and new technologies to grow markets in Australia and overseas.
Victorian Trade Minister John Dalla-Riva says the grants will benefit transport and logistics, defence, aerospace, and mining sectors.
“The grants enable our automotive suppliers to build their commercial base while maintaining the capacity to service existing automotive customers,” he says.
The grants are being funded under the joint federal, Victorian and South Australian government $30 million Automotive New Markets Program (ANMP).
According to the governments, the ANMP is designed to help automotive component makers develop new business opportunities
domestically and overseas.
South Australian Trade Minister Tom Koutsantonis says two South Australian companies have already received grants worth a total of $1.18 million.
“The initial round of applications made under the $30 million four-year ANMP has demonstrated that there is a determination in our automotive industry to diversify operations and the strength to make it happen,” he says.