The Australian Federal Agriculture Minister and National Food Industry Council chairman Warren Truss has launched a A$34.7 million (€19.25m) initiative to secure the future viability of Australia's food industry in the face of increased global market pressures.
"The Food Innovation Grants Program will increase research and development opportunities for food businesses, with the focus firmly on commercial success,"Truss said.
The Food Innovation Grants are funded by the Coalition Federal Government and will range from around A$50,000 through to A$1.5 million.
"The grants are tailored to recognise the technical needs of the food industry and will be available to all food businesses operating in Australia," Truss said.
"Businesses receiving the dollar-for-dollar grants will be able to address scientific or technical issues associated with their innovation. Projects receiving funding must provide 'economic benefit' to Australia through commercialisation."Truss said the food industry was a vital sector of the Australian economy. It currently provides a $12 billion positive impact on current accounts trade data and jobs for 255,000 Australians.
"In order to maintain and improve on the food industry's healthy figures, Australian businesses have to get better at what they do.
"Globalisation means that even our traditional markets will be challenged by demands for more value-added content and for greater efficiencies in production and delivery.
"Global markets, and the companies that supply them, want to be confident in our ability to deliver products that fit with current and emerging consumer demands.
"The trend is obvious. The trade in processed food is growing at twice the rate of bulk commodities. We need to be a supplier of quality, environmentally sustainable and innovative processed goods or we risk being marginalised."
The Food innovation grants are an initiative of the National Food Industry Strategy, an Industry and Commonwealth Government partnership to help food businesses in Australian to gear-up for global market opportunities.
For more information contact the website at www.nfis.com.au