TIQ releases new Toowoomba Prospectus to entice investment in $12b region
TOOWOOMBA’S $12 billion economy and steady growth has been highlighted in a new prospectus on the region by Trade and Investment Queensland.
Development
Don't miss out on the headlines from Development. Followed categories will be added to My News.
The lengthy document, which featured input from a number of local groups including Toowoomba and Surat Basin Enterprise, pointed out the city’s “dynamic industries”, strong economic growth, access to transport and lower costs of doing business.
“Toowoomba is diverse enough to thrive in changing market conditions and equipped to meet the productivity challenge to drive higher margins, capital return and revenue growth,” the prospectus said.
“It’s a right-sized market for innovators and entrepreneurs to grow without the scarcity of land and higher labour costs seen in Australia’s coastal cities.
“And your future workforce knows it too – projected population growth feeds deeper labour pools, diverse economic links via supply chains and a cycle of economic growth and innovation.”
Transport a logistics was a major highlight of the prospectus, which pointed to the development of key aspects of the Toowoomba Trade Gateway just west of the city as well as the new Toowoomba Bypass.
“Toowoomba is connected to major road, rail and air transport corridors and provides access to national and international networks,” it said.
“These are supported by business and industrial facilities, as well as available labour.
“The region’s transport and logistics sector is a significant driver of economic output, exports and employment.
“Toowoomba is strategically situated at the intersection of three major highways, which ensures 85 per cent of Australia’s population can be reached within 24 hours.”
Along with its potential for more renewable energy projects, the prospectus said investors in specialised manufacturing like food, aircraft, transport, mining and composite materials should consider Toowoomba.
“Toowoomba’s advanced product manufacturing exports have remained stable over the 10 years from 2009 to 2019, at $95 million in 2019,” the prospectus said.
“Manufacturing in Toowoomba is transitioning from mass production and simple processing to highly specialised manufacturing, with an increasing focus on niche manufacturing using advanced materials or automation in the production process.
“The Toowoomba region is becoming a world leader in composite materials, with businesses looking to develop the potential from these technologies.”
The document also included a number of case studies on several successful local enterprises, such as Oakey Beef Exports, Stahmann Farms, Mort and Co, Boomaroo Nurseries and the Qantas Pilot Academy.
Government funding, incentives and facilitation support were all offered to encourage greater investment in Toowoomba.