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Thursday Island: In a major boost to the Torres Strait economy, the State Government, Torres Strait Regional Authority (TSRA) and National Australia Bank have signed an historic Memorandum of Understanding to assist local people establish their own businesses.
Premier and Treasurer Peter Beattie said under the memorandum, the three organisations agreed to work in partnership to establish and support a range of business support, planning and financial advice and mentoring services for Torres Strait peoples and communities.
"In effect, the memorandum establishes an Indigenous business hub on Thursday Island to support business initiatives throughout the Torres Strait," Mr Beattie said after today's historic Cabinet meeting.
Deputy Premier and State Development Minister Anna Bligh said that in 2004 the State entered into a partnership with the Authority initially for a three-year period, to establish an Indigenous Business Hub in Torres Strait.
"This partnership has involved us providing funding for a full-time officer work with all Torres communities interested in establishing business enterprises.
The Hub's initiatives include:
* Raising Indigenous stakeholders' awareness, knowledge of and interest in economic development and business opportunities;
* Building Indigenous business capacity and skills;
* Developing networks with relevant Indigenous stakeholders; and
* Developing broad business mentoring and support networks to support Indigenous business operations.
"We have been actively seeking avenues to expand the HUB program through development of strategic alliances with major financial institutions.
"Today the Premier and I are pleased to announce that commitment has been secured from the National Australia Bank. The bank has provided a commitment to second staff from within their professional network to work with the hub.
"The NAB staff will work in with the hub position, initially for period of one month four times a year."
TSRA Chairperson Toshie Kris said the memorandum highlighted the commitment of the Commonwealth, State Government agencies and private sector to ensure the success of Indigenous business in the Torres Strait.
"Through this collaboration and strategic planning between the TSRA, National Australia Bank and the State Government, communities across the region are being supported to develop businesses that meet local and regional demands, resulting in employment, training and income to Indigenous councils," Mr Kris said.
"The TSRA supports a number of strategies to benefit the region's economic development and this is great complement to our Business Funding Scheme and the Community Economic Initiatives Scheme to support local Indigenous business.
"Nurturing commercial ideas and developing local expertise and opportunities is what it's all about and we're thankful for the support of our new partners which clearly share our vision for empowering Torres Strait people. We look forward to furthering our partnerships in the region."
Ahmed Fahour, CEO of National Australia Bank said that the National has had a branch on Thursday Island for the past 120 years.
"The National Australia Bank is the only bank on the ground to provide financial services for Torres Strait Islanders.
"The initial secondments have helped provide support for the development of several new business ventures in Torres Strait and we are pleased to continue this practical support," said Mr Fahour.
"We see this as an important way to assist in the economic and community growth of Thursday Island the wider Torres Strait region."
The National Australia Bank was represented at the MOU signing by Mr Julian Pearce - Queensland manager business and premium banking.
Ms Bligh said the Government had established business hubs throughout the State with the aim of increasing the number of Indigenous people establishing and managing their own business, thereby generating employment opportunities for Indigenous people.
Besides the Torres Strait, there are hubs in Brisbane, at South Bank, and on Cape York (Weipa, Cooktown and Cairns mobile).
Ms Bligh said the Government had committed $464,750 over a three-year period to help establish the Torres Strait hub.
The Department of State Development, Trade and Innovation would provide general business planning and project assessment support for Indigenous business projects as well as funding business proposals that fall under the State's Indigenous Business Development Grants Scheme.
"The Torres Strait Regional Authority, an Australian Government statutory authority involved in progressing issues of regional importance for the 20 Torres Strait communities, will meet the costs of in-kind support through providing administrative assistance, which is very beneficial to establishing networks and gaining effective participation," Ms Bligh said.
Member for Cook Jason O'Brien said the hub's success was fundamental to the region's economy.
"The Torres Strait is a remote area that is disadvantaged by its isolation. any attempt to develop a local economy has to overcome these obstacles.
"The hub and the MOU help stimulate economic growth by working together with the Torres Strait Islanders so that they develop local commercially-viable enterprises that will create real jobs and increase per capita income," he said.
Ms Bligh said the experience from Cape York, where a hub had been in operation since 2003, showed that the initiative was working well, with a number of successful projects, including the provision of a bus service to remote communities.
Ms Bligh thanked the National Australia Bank.
"A core goal of the Government's Indigenous Business Program is to encourage private sector partnerships and the National Australia Bank is to be congratulated on its proactive commitment to this project," Ms Bligh said.
The Community Cabinet meeting is the Beattie Government's 89th the first time the Cabinet has met in the Torres Strait.
About NAB Business and Private Banking
The National Australia Bank employs over 5,650 business banking specialists and 450 financial planners and specialists at over 158 business banking centres Australia wide. It is one of the market leaders in providing business banking services to Australian business. For further information go to: /wps/wcm/connect/nab/nab/home/Business_Solutions?contentIDR=ffd678804b81dd679f3dffa8d9bf8e41?ncID=ZBA.
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For further media information, please contact:
NAB Australia Corporate Affairs
Guy McKanna
Tel: (02) 9237 9817
Mob: 0402 893 843
Queensland Government
Deputy Premier's Office
Steve Keating
(07) 3224 4379 or Chris Taylor 3224 5982
Torres Strait Regional Authority
Jolene Southey
(07) 4069 0700
0427 858 935
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