$600K funding injection drives Australian agri-food toward its $200 billion target

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Image Credit: www.fial.com.au
Media Release

Australia’s 180,000 agri-food businesses are on track to unlock over $200 billion in value and create an additional 300,000 jobs by 2030.

According to the Food and Agribusiness Growth Centre, trading as FIAL, increased collaboration between businesses across the value chain, is one of the factors that will help catalyse the sector’s ability to unlock the $200 billion potential for the agri-food sector, outlined in FIAL’s Capturing the Prize, released in late 2020.

To feed this potential, FIAL is providing new funding to build on the successful Cluster Program. $600,000 in matched-funding is now available to new and existing agri-food clusters across Australia, supporting their ability to capture growth opportunities.

This critical funding injection will support the agri-food sector’s continued movement toward unlocking $200 billion in value and creating an additional 300,000 jobs by 2030.

Clusters are regional groups of interconnected businesses, researchers, and government agencies that create local ecosystems of resources, shared labour, infrastructure, knowledge, and relationships. This accelerates innovation, strengthens supply chains, and allows greater value to be captured.

“Clustering is the answer for how Australia’s 180,000 agri-food businesses, 98% of which are small-to-medium enterprises (SMEs), can achieve the economies-of-scale required to harness the growth opportunities that are guiding the sector toward a $200 billion by 2030”, said FIAL Managing Director, Dr Mirjana Prica.

This current funding builds on the success of FIAL’s Cluster Program that provided $900,000 of matched-funding to equip four clusters – FermenTasmania, Food and Fibre Gippsland, Central Coast Industry Connect, Food and Agribusiness Network – with the resources and support to sustainably grow.

“Funding received through FIAL’s Cluster Program in 2017 has supported the agri-food businesses in regions to commercialise new products and export to new markets. I encourage as many new, emerging, or existing clusters to apply for a share of the $600,000 now available,” said Dr Mirjana Prica.

“FIAL’s 2021 Cluster Grant Program is an investment in our nation. Supporting agri-food businesses to collaborate will supercharge their abilities to scale-up, compete internationally and create jobs for Australians,” said FIAL Chair, Dr. Michele Allan.