Vow Foods co-founder, George Peppou says building a manufacturing hub in Australia can have its advantages, hoping the budget will show more government investments in advanced manufacturing.
According to AFR, the food-tech startup has begun exporting products from its Sydney factory to Singapore, with plans to launch in several more markets across Asia this year.
“We are the third company in the world to sell cultured meat and we achieved this for less than 10 per cent of the capital and in half of the time of the other two,” Peppou said.
“We’ve got so efficient at this; we can build factories 20 to 50 times cheaper than our competitors.”
The Future Made in Australia Act will include billions of dollars in loans, grants, and equity holdings, as well as investment incentives to attract global and local capital to new companies.
With funding flowing through existing and funded policies like the National Reconstruction Fund, Industry Growth Program and the Future Made in Australia policy, there is potential for what Peppou is proposing.
Source: AFR
