The Western Australian government has opened applications to assist defence and shipbuilding businesses.
Minister for Commerce, Michael Mischin, said the new round of funding is in its ninth round as part of the IFSP.
"Since the IFSP was introduced in 2011 to support involvement in supply to resource projects, the State Government has committed $4 million to 241 small-to-medium sized enterprises," Mischin said.
"The program also stimulated business investment at a ratio of about 1:3.5 covering aspects such as equipment upgrades, accreditation and refinements to business models.”
The funding will go towards Australian-based small and medium-sized businesses to prepare for defence market supply chains.
Minister for Regional Development, Terry Redman, said he was pleased to see the program extend into the defence and shipbuilding industries.
"This investment will enable small-to-medium sized enterprises State-wide to better position themselves to target a share of the upcoming multibillion-dollar naval shipbuilding projects," Redman said.
"The IFSP continues to support regional businesses in becoming more competitive and resilient, bringing demonstrable benefits to local communities."
Australia’s naval build and maintenance industry is worth an estimated $89 billion.
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