InvestSA programme to attract interstate and overseas businesses accelerated by the South Australian government
South Australian government agaency investment agency Invest SA sought to attract interstate and international businesses to set up in South Australia, offering a big range of possibilities through support structures (at right). Inset: The agency had global reach through the state government's network of international trade and investment offices.
A $1 million a year investment accelerator programme was launched in 2024 by the South Australian government’s Invest SA agency to attract innovative high-growth interstate and international companies to South Australia.
The programme offered up to $100,000 to help interstate and international businesses set up in South Australia. Priority sectors for the programme included health and medical, critical technologies, defence and space, energy and mining and green industries, food and wine, agribusiness and creative industries. Successful applicants could use the funding for offices and for services including accounting, taxation, migration advice and marketing.
The investment accelerator programme was announced in the 2024-25 state government budget, with an ongoing $1 million each financial year.
Invest SA was revived as part of a state Labor government 2022 election commitment. In its first two years, it attracted more than $2 billion worth of investment into South Australia. Invest SA had a team of investment and business professionals within the state government’s state development department. As part of the South Australian government network of international trade and investment offices, Investm SA had global reach in the America, China and Hong Kong, India, northeast Asia, southeast Asia, United Kingdom and Europe.
Examples of Invest SA backing for investment in South Australia included:
* supporting Iron Road Ltd’s green hydrogen project and lead developer Amp Energy as part of the multi-billion-dollar hydrogen precinct at Cape Hardy on Eyre Peninsula.
* $15 million investment with Kronsberg Defence Australia for a purpose-built plant in Technology Park, in Adelaide’s north, as home to hardware manufacturing and assembly and developing software for defence programmes.
* supported pharmaceutical company GEXVal’s successful capital raising of $14 million to start Phase 1 clinical trial in Australia with South Australian partners
* finalised the deal for a $12.5 million hydrogen production plant in Bolivar, partnership between Japan government environment department and Japanese company Marunemi produc low-cost green hydrogen from renewable resources, to be transported to Indonesia;.
* Keywords Studios setting up office in Adelaide; the first triple-A global video gaming company to be based in South Australia – followed by global gaming giant Big Ant Studios opening its studio on Franklin Street, Adelaide city;
* Deloitte innovation and technology hub expansion second phase;
* United Kingdom-based Surrey Satellite Technology Ltd’s first office in the southern hemisphere;
* attracting Azure Quantum Week to South Australia, with KPMG, TCS and South Australian chief scientist office;
* South Australian companies at Fuel Cell Expo 2023;
* launching the Indo-Pacific Carbon Accounting Lab at the United Nations Climate Change Conference, COP27 in Egypt;
* attracting European defence company MBDA, a world-leader in guided weapons and missile systems to South Australia;
* Santos and Osaka Gas Pre-FEED agreement on a demonstration-scale project to produce carbon neutral e-methane from green hydrogen;
* South Australian companies at Arab Health in Dubai;
* Showcasing South Australia’s strengths in agritech at evokeAG, the Asia Pacific’s premier agrifood tech event;
In November 2023, Invest SA hosted, with Business SA and South Australia’s Chamber of Commerce and Industry, the first India Horasis trade and investment summit, attracting 250 India business leaders to South Australia.
