Creating the right conditions to grow great Biofutures opportunities
The establishment of a Biofutures Industry Development Fund, which would look to financially assist first-mover investment in the biofuels industry, was the focus of the government’s Biofutures Cabinet Committee meeting held in Mackay.
The biofuel and industrial biotechnology sector is emerging worldwide as a growing and increasingly valuable and viable industry. Investment in this industry is one of the major medium to long-term opportunities that could power Queensland’s regional economies into the future.
Queensland has the potential to become a leading producer of bioproducts and technologies, creating new markets for both technology developers and agricultural producers and providing significant regional development prospects for the state.
Premier Annastacia Palaszczuk said the Biofutures Cabinet Committee had determined that an ‘early-investment’ development fund should be considered.
“We know that access to start-up capital and early investment is often what holds many commercial proposals back, especially in emerging industries.
“If we can step in and assist companies to complete their due diligence, making access to capital simpler for any investment-ready, viable projects, it could be the catalyst for industry-wide momentum.
“In the lead-up to this year’s Budget, we will work with the Treasurer to see what funds are available and what kind of structure the Fund could take.
“We will also make sure that stringent guidelines are put in place so any investment proposals are rigorously assessed.
“This will give enormous confidence to the sector and send a powerful message to global investors that we are determined to see this industry become a reality.”