ARCHIVE - The Hon Ian Macfarlane MP was the former Minister for Industry, Tourism and Resources. The following media release was issued during his term as Minister. A new Government was sworn in by the Governor-General on 3 December 2007, including the following Ministerial appointments:
Senator the Hon Kim Carr - Minister for Innovation, Industry, Science and Research
The Hon Dr Craig Emerson MP - Minister for Small Business, Independent Contractors and the Service Economy, Minister Assisting the Finance Minister on Deregulation.
For media releases from the current term of Government, please visit http://minister.innovation.gov.au/Pages/default.aspx
Media Release
The Hon Ian Macfarlane, MP
8 May 2007
The Howard Government has decided to provide ongoing funding for Invest Australia, recognising the key role the agency plays in securing foreign investment to generate Australian jobs and economic growth, Australian Industry Minister, Ian Macfarlane, said today.
"Between July 2002 and March 2007, Invest Australia played a key role in attracting or facilitating 357 projects valued at $55 billion," Mr Macfarlane said.
"It's estimated these projects will create more than 27,000 jobs and generate $12.5 billion in export earnings for Australia.
"Foreign direct investment contributes significantly to Australia's economic prosperity. Firms that are majority foreign owned account for 1.3 million jobs, 50 per cent of the value of goods exported and 42 per cent of private R&D expenditure.
"Australia is growing in strength as an internationally competitive investment destination, but we must continue to be on the front foot if we are to increase our share of global investment.
"In 2006 Australia was ranked the most resilient economy in the world for the fifth successive year, and was also judged to be the world's most politically stable country," Mr Macfarlane said.
Government funding for Invest Australia in 2007-08 will be $26.4 million for direct costs. This includes $1.8 million provided under the new Global Opportunities programme to allow Invest Australia to increase its work with multinational enterprises already in Australia.
"Most foreign investment is by firms already operating in a host country. Additional funding will allow Invest Australia to further encourage reinvestment by multinationals in Australia, and build links between these companies and Australian firms and research organisations," Mr Macfarlane said.
For further information go to www.investaustralia.gov.au
Media contact: Claire Wilkinson 02 6277 7580 0419 840452