Defence Industry Minister Melissa Price has welcomed the first contract to be awarded as part of the Commonwealth government’s Defence Export Facility to help small defence businesses get ahead in a competitive global market.
Canberra-based defence company CEA Technologies has signed the $90 million loan agreement, which will create 200 local jobs – including further high-tech jobs in its Australian supply chain.
The first contract awarded under the Morrison government’s Defence Export Facility has been signed, demonstrating the government’s commitment to help small defence businesses get ahead in a competitive global market.
Minister for Defence Industry Melissa Price commended CEA on its contribution to both Defence capability and Australia’s defence industrial base.
“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. 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 Price said.
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.
Minister for Trade, Tourism and Investment Simon Birmingham welcomed today’s signing, highlighting the government’s commitment to help 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.
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.
The Defence Export Facility, administered by Export Finance Australia, is a key initiative of the government’s 2018 Defence Export Strategy. Announced as part of the government’s objective to establish Australia as a top 10 global defence exporter by 2028, the $3.8 billion Defence Export Facility will support the implementation of the government’s Defence Export Strategy.
The Defence Export Facility will support the delivery of the Defence Export Strategy through access to the national interest account to help Australian businesses receive finance necessary to support international growth.
The Defence Export Strategy recognises that Australian industry cannot sustain itself on the needs of the Australian Defence Force alone. Accordingly, new markets and opportunities to diversify are required to help unlock the full potential of Australian defence industry to grow, innovate and support Defence’s future needs.
More information on how the Defence Export Facility and Export Finance Australia can support your business access finance and global export markets is available here.