$100m funding pool launched for WA industries

John Van Der Wielen, Ivy Chen and Larry Lopez will head up a $100 million state government program launched to attract investments to potential growth industries.

During a press conference this morning, State Development, Jobs and Trade minister Roger Cook launched the Investment Attraction Fund to encourage new investments in Western Australia.

The expression of interest process is open to organisations seeking co-investment from the state government, particularly businesses seeking to establish and grow their operations in WA.

The IAF is part of the State’s economic development framework Diversify WA, targeting priority sectors for strategic development.

Industries earmarked for investment include energy primary industries, defence, space, health and medical life sciences, international education, tourism, events and creative industries, and mining equipment, technology and services.

A governance board has been established to oversee the expressions of interest, with representatives being Mr Van Der Wielen who has been the chief executive of HBF health fund since 2017, Ms Chen who is a CSA Global principal consultant and Mr Lopez who is an Australian Venture Consultants partner.

Mr Cook said WA was the natural home for new and emerging industries with existing strengths and expertise.

“The IAF has been established to make sure we capitalise on our comparative advantages, build upon our thriving innovation ecosystem and help industry deliver the jobs of the future for Western Australians," he said.

Premier Mark McGowan said the state government's management of COVID-19 had been "world-leading" and that it was essential the state capitalise on new opportunities as the state reopens to the rest of the world.

“There is no better or safer place to do business than in Western Australia," he said.