This week’s Innovation Statement made by Prime Minister Malcolm Turnbull is another important step in unlocking the value of Australia’s mining equipment technology and services (METS) sector, according to industry-led, government funded METS Growth Centre, METS Ignited.
The METS sector has been identified by the government as one of five growth sectors where Australian has a significant competitive advantage and METS Ignited says the statement supports the sector’s transition from the mining industry to a broad-based, highly innovative sector offering strong growth prospects for the future.
“The Prime Minister’s pledge to invest more than $1 billion in new spending over four years, to foster an innovative, risk-sharing culture in Australia, will contribute significantly towards growing the Australian METS Industry,” said METS Ignited chair Elizabeth Lewis-Gray.
“The measures outlined in the Prime Minister’s priority areas align and strongly support the METS Growth Centre’s strategy.
“Australia is a global leader in mining innovation. We have world-class R&D infrastructure, a highly entrepreneurial culture in the mining supply sector, a significant base of mining customers in our domestic economy and strong technical skills and knowledge. Australia already has a strong start up culture in the METS sector with a high proportion of global start-ups located in country,” she said.
“The Prime Minister’s Innovation Statement and investment will provide valuable incentives to develop our entrepreneurial culture and skills and provide the start-up sector with capital. It is a winner for our industry which is positioned strategically to grow its global market share significantly over the coming decade. METS Ignited is working with industry to develop the optimum strategy to achieve this.
“In doing so, Australia’s mining supply sector will become an even more significant and valuable asset for Australia’s economic future and an opportunity for Australian entrepreneurial skills with a strong focus on developing our export potential. This sector is firmly focused on creating jobs and prosperity for Australia’s future and is not reliant on future expansion of Australia’s mining economy to achieve this.
“Included in METS Ignited strategy will be a core focus on improving collaboration and commercialization between researchers, mining, capital and METS sectors. The PM’s Innovation Statement is another important platform to support our efforts,” she said.