Construction and advanced manufacturing businesses in Geelong and Corangamite are set for a $20 million windfall, which will create more than 600 jobs.
The funding acts as the first wave of successful projects under the Regional Jobs and Investment Packages.
The initiative is part of the Federal Government’s commitment to stimulate jobs and drive economic growth in Australia’s regions.
Following an extensive assessment process involving strong community input, 21 projects will be delivered in the Victoria region.
Just over 200 of new jobs will be introduced to Australia’s advanced manufacturing sector.
A range of projects will be delivered through this package including Australia’s first commercial carbon fibre manufacturing facility, which is hoped will help drive regional innovation.
Projects also include the delivery of an ecotourism facility on the Great Ocean Road, a new additive manufacturing and engineering centre at Geelong’s innovation precinct, and further investment in Geelong’s Waterfront.
“The Coalition is committed to supporting regional Australia and as part of that commitment it is essential we help regions such as Geelong and Corangamite unlock their potential by investing in key projects that support their economic future,” a statement from the Prime Minister’s office said.
“This $220 million pilot programme, being rolled out in 10 regional locations across the nation, has been designed to diversify regional economies – particularly those that have undergone large structural changes – to help drive economic growth and job creation in these communities.”