Victorian manufacturers and businesses stand to benefit from new funding that will help them compete and win lucrative defense contracts, secure local jobs and boost our economy.
Industry Support and Recovery Minister Ben Carroll today announced that $10 million from Andrews Labor Government Victorian Land Systems Fund will be used to help local businesses join Hanwha Defense Australia’s supply chain to supply the billion-dollar LAND 8116 self-propelled howitzer program.
The funding, which will be distributed through a targeted investment stream and the Supply Chain Improvement Programwill maximize the value of Hanwha’s defense contracts to the state.
The Supply Chain Improvement Program provides grants of up to $100,000 to small and medium-sized Victorian businesses to improve their capabilities through activities such as upgrading business systems and facilities, obtaining international accreditations and certifications, or product research and development.
Hanwha was the successful bidder for LAND 8116 and is one of the final two bidders for the multi-billion dollar LAND 400 Phase 3 infantry fighting vehicle program selected by the Commonwealth Government.
Hanwha is also establishing a $170 million Armored Vehicle Center of Excellence at the Avalon Airport Industrial Compound with government support, further bolstering the state’s defense capabilities and creating more than 300 highly skilled local jobs in advanced design, engineering and manufacturing.
Over 6,300 companies provide services and manufacturing to Victoria’s defense sector, including equipment for military vehicle production, maritime design, aerospace components and cybersecurity.
The sector contributes $8.4 billion to the Victorian economy annually and supports around 24,300 defense industry jobs. Applications for the Supply Chain Improvement Program open mid-September 2022. For more information, visit business.vic.gov.au/scup.
As Minister for Industry Support and Recovery Ben Carroll said
“This funding aims to maximize opportunities for local businesses and manufacturers to enter Hanwha’s supply chain, ensuring that more Victorian-made components are used in the company’s products. in the whole world.”
“The Supply Chain Improvement Program aims to raise standards in Victorian SMEs and make them more competitive suppliers to Hanwha, securing more local jobs and setting them up for further contracts. lucrative.”
As Lara MP John Eren said
“We’re supporting local businesses to be part of Hanwha’s continued success in the Geelong region – and that means jobs for our community.”
As stated by Hanwha Defense Australia CEO Richard Cho
“The Victorian Government’s Land Systems Fund will enable Hanwha Defense Australia to invest in both our growth and that of our supply chain.”