The Export Market Development Grants (EMDG) scheme will get a $60 million funding boost to encourage more Australian SMEs to export.
Trade Minister Simon Birmingham said the additional funds, to be allocated over the next three years, demonstrated the Government’s strong support for Australian businesses with export ambitions.
“We recognise the enormous contribution our exporters make to the economy, to creating more jobs and that’s why we’re backing them through this scheme,” Senator Birmingham said.
The number of Australian businesses exporting goods and services has rocketed by 16 per cent under the Coalition government, he said.
This has been fuelled by trade deals that have improved access to 1.8 billion new customers and delivered a record $22.2 billion trade surplus in 2018.
“We have delivered Australian businesses with more potential customers through our trade deals and helped more businesses to reach those customers through our growing support for programs such as the EMDG,” Senator Birmingham said.
Senator Birmingham said trade has been a key driver of Australia’s economy.
Connecting with new customers
Record levels of exports have helped Australian businesses to grow and contribute to the 1.3 million new jobs created under the government.
“Through the EMDG scheme we’re supporting businesses to increase their marketing and promotional activities in international markets so they can connect with new customers and grow their exports.
“This funding boost will help Australian companies get more exposure in international markets allowing them to develop brand recognition and form relationships with potential customers, that we know is so critical to export success.
“It will make a real difference to Australian businesses that are thinking globally about their business, whether they are exporting for the first time or considering developing new overseas markets.”
Up to 50% of expenses reimbursed
Launched in 1975, the EMDG scheme, has helped more than 50,000 businesses expand offshore.
The scheme reimburses up to 50 per cent of export promotion expenses for eligible small and medium-sized firms.
Last year alone, more than 3,500 Small and Medium Enterprises accessed the EMDG scheme, generating exports of $3.8 billion.
By 2022 the government will have delivered $180 million in additional funding for the EMDG program since 2013, Senator Birmingham said.
This honours a commitment to restore $100 million in funding the Labor Party cut from the scheme in 2012-13 while in government, he said.
For more information visit: https://www.austrade.gov.au/Australian/Export/Export-Grants/About/what-is-emdg