The Chamber of Minerals and Energy of WA (CME) has released its report on risks to WA's investment-readiness, highlighting the need for turnkey industrial areas akin to those in international regions such as the Asia Pacific and North America.
Commissioned by the CME to examine a range of industrial precincts in competing jurisdictions, the Australian Venture Consultants report found the lack of fully-equipped strategic industrial areas (SIAs) was severely hampering WA's ability to attract investment.
CME's Chief Executive Officer, Rebecca Tomkinson, said the intense global competition in critical minerals and clean energy supply chains meant that investment incentives and project-ready industrial precincts offered a significant competitive advantage.
"One of the key factors hindering WA's agility to respond to market needs and have projects up and running quickly has been the absence of strategic industrial areas that are turnkey and ready to go," Ms Tomkinson said.
"Being nimble enough to take advantage of new project opportunities, attract investment and maintain WA's high ESG standards in a highly competitive international market would be another factor setting WA apart from its competitors.
"But all of that doesn't just happen. It takes a strategic view, it takes all parties working together and it takes government commitment to ensure industrial precincts are turn-key ready for green-lit projects to hit the ground running."
Ms Tomkinson said WA's SIAs needed further investment to ensure they were effective in attracting jobs, new industries and support WA's diversification and industrial development ambitions.
"The announcement of a $500 million Strategic Industries Fund in the WA 2024-25 Budget is a positive step, but well below the amount required to deliver fully development-ready SIAs," she said.
Ms Tomkinson said the CME was keen to work with State and Federal Governments on the practical framework and actions needed to create effective SIAs.
"By way of example, the State Government needs to take the lead on reducing upfront cost and risk by securing approvals and investing in enabling infrastructure such as roads, energy and water.
"If our SIAs are 'project ready' it means more certainty in investment and project viability, and that helps to fast-track the progression of WA's decarbonisation ambitions.
"We know what needs to be done and we've stepped the WA and Federal Governments through the action plan. There's no reason to waste time."
