The first contract awarded under the Morrison Government's Defence Export Facility has been signed, demonstrating the Government's commitment to helping small defence businesses get ahead in a competitive global market.
Canberra based defence company CEA Technologies today signed the $90 million loan agreement, which will create 200 local jobs – including further high-tech jobs in its Australian supply chain.
The Minister for Defence Industry, the Hon Melissa Price MP, today commended CEA on their contribution to both Defence capability and Australia's defence industrial base.
CEA Technologies will use the loan to finance the construction of a new engineering and manufacturing facility in Canberra to help grow their exports and meet Australian Defence Force demand for their world-class phased array radars.
"CEA is a fantastic example of Australian industry providing advanced technology to protect our national security, as well as generating local jobs with high-value technological skills," said Minister Price.
"This loan is a win, not only for CEA Technologies, but for the many Australian small businesses in their supply chain – it will support the delivery of innovative defence capability now and into the future."
Minister for Trade, Tourism and Investment Simon Birmingham welcomed today's signing, highlighting the Government's commitment to helping small Australian defence businesses reach their full export potential.
"This loan will ensure CEA has access to the necessary capital, which will allow them to meet the demands of multiple customers and grow their business through research and development at the same time," said Minister Birmingham.
"Providing more Australian businesses with the support to export not only enables them to grow but it creates more jobs which is a key priority of the Morrison Government."
Senator for the ACT, Zed Seselja, said the first contract under this scheme being awarded to a Canberra company showed the government was committed to supporting local industries and jobs.
"This funding will not only create 200 local jobs, supporting skills and knowledge in Canberra, but will continue to keep our local defence industry engaged in developing the latest technologies for Australia's defence," Senator Seselja said.
The Defence Export Facility, administered by Export Finance Australia, is a key initiative of the Government's 2018 Defence Export Strategy. For more information on the Defence Export Facility see: https://www.exportfinance.gov.au/
For more information on other initiatives in the Defence Export Strategy, being delivered by the Australian Defence Export Office please visit: http://www.defence.gov.au/Export/Strategy/
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