Queensland targets biofutures industry and investors

The Palaszczuk Government will test the US, Asian and Australian markets’ appetite to be part of the state’s potential $1 billion biofutures industry with a Request for Information (RFI) advertising campaign to be followed by an Expression of Interest (EOI) process in the coming weeks.

Speaking from San Francisco, State Development Minister Dr Anthony Lynham said his trade mission to North America had been rewarding after meeting with a number of biofuels sector companies.

“And now we need to take the next step and identify serious proposals, to continue the investment and growth in our biofutures industry and deliver more jobs for Queenslanders,” he said.

“We want to hear from companies all along the supply chain from potential suppliers of feedstock, technology providers, commercial operators, investors and users of bioproducts.

 “This awareness raising campaign, which will run in the US, Asia and Australia will strengthen the government’s understanding of the market and ultimately determine the most effective form of support it can offer.”

Dr Lynham said the RFI will run from early-October and the EOI process is set for mid-November.

“The Premier Annastacia Palaszczuk has a clear vision to grow jobs and diversify our economy, and a $1 billion industrial biotechnology and bioproducts sector is front and centre of that vision,” he said.

“This two stage process will provide important intelligence on how the State will progress its efforts to convert this vision into a reality.

“The RFI will target companies within the entire biomass to bio-product supply chain, while the EOI will focus on qualified and experienced proponents capable of submitting project proposals.”

Dr Lynham said Queensland’s business foundations of a highly skilled workforce, abundant raw materials, integrated transport systems and proximity to the growing Asian markets made it the ideal location for potential investors.

For more information on the Queensland Biofutures 10 Year Roadmap and Action Plan go to http://www.statedevelopment.qld.gov.au/biofutures

ENDS                         30 September 2016

Media Contact           Benjamin Mulcahy 0419 562 389