Victorian treasurer Tim Pallas has visited Colac’s Bulla food company, to talk about the government’s $200 million Future Industries Fund.
Mr Pallas toured the company’s Innovation Centre, a facility providing Bulla with a new pilot plant and micro lab for efficient product trials and testing.
“Bulla, complete with its new forward thinking Innovation Centre, is well placed to continue expanding its exports in to the growing Asian markets and with it, create more local jobs,” Mr Pallas said.
The dairy industry plays a very significant role in the Colac region, with Bulla an important part of the regional economy.
Bulla is Colac’s biggest employer, and employs more than 500 people across Victoria.
In 2014-15, Victorian dairy exports were valued at $2 billion, accounting for 83 per cent of the value of Australia’s dairy exports.
Mr Pallas said companies, like Bulla, looking to increase dairy exports to the burgeoning Asian market over the next few years, prompted the government to set up the fund.
The fund supports high growth, high value industries that are critical to securing Victoria’s future as a competitive, innovative and outward looking economy.
He said the government had identified six priority sectors that had potential for strong economic growth and the capacity to create high-skill, high-wage jobs.
The sectors includes medical technologies and pharmaceuticals, new energy technologies, transport, defence and construction technologies, international education, professional services, and food and fibre.
The Fund support companies in these six high growth sectors to compete in the global marketplace through three separate grant programs.
