Territory Growth Initiative targets investment and jobs
Businesses investing in Territory jobs and growth will be able to get a financial leg-up with a new development fund. Read how to apply.
Northern Territory
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The Northern Territory Government has moved to put money where its mouth is, pledging tens-of-millions of dollars to back private investment across the jurisdiction.
Trade, Business and Asian Relations Minister Robyn Chill used the second day of the NT Government’s investment summit to launch the Territory Growth Initiative to fast-track private investment and drive economic growth.
The TGI will offer collaborative loans from three different pathways that target economic growth, jobs and investment.
The Collaborative Investment Program (CIP) will provide loans of up to $10 million to help Territory businesses become investment ready or to attract new businesses in energy, defence, agriculture, mining and tourism.
The Territory Infrastructure Loan will collaborate with the Northern Australia Infrastructure Facility to provide concessional loans for infrastructure development and, the Paspalis Co-investment Fund will invest up to $5 million to support NT-based companies with a defence, agriculture or technology focus.
Ms Cahill said the TGI was already delivering, unlocking a $22.8 million tourism boost for Central Australia, backed by a $10 million concessional loan on commercial terms.
Speaking in Darwin for the NT Investment Summit, Uluru-Kata Tjuta Signature Walk managing director Neil Lynch revealed details of a new walk set to launch next year which will offer guests five days and four nights of “outback indulgence” along a 54km walking trail at the World Heritage Listed Uluru-Kata Ktjuta National Park.
“We always knew we wanted to deliver a one-of-a-kind overnight hiking experience in the red centre,” Mr Lynch said.
“We wanted a combination of premium infrastructure, a timeless landscape and a 60,000-year-old culture – but bringing that vision to life requires significant upfront investment as well as government support.
“Being supported by the Northern Territory Government’s Territory Growth Initiative, and the first recipient of their Collaborative Investment Program loan, was extremely valuable. It enabled us to unlock lasting benefits for global adventurers and for traditional owners, who gain a platform to share their culture and country with the world.”
Mr Cahill said the new funding products would unlock new economic activity, strength supply chains and support a skilled local workforce.
“The Territory Growth Initiative shows the Territory is open for business and the best place to invest,” Ms Cahill said.
“By partnering with industry and creating a more business-friendly environment, we’re unlocking private capital to deliver real economic benefits and create Territory jobs.”
More than 100 business leaders, international investors and key stakeholders have come together in Darwin this week to focus on unlocking the Territory’s economic potential, in the first event of its kind in the Territory.
The NT Government’s Investment Summit, hosted in partnership with the Darwin Major Business Group, culminates in a day-long summit on Thursday, July 17.
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Originally published as Territory Growth Initiative targets investment and jobs
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