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Investment in remote communities by big business provides broad economic benefits, according to Fortescue Metals Group chief executive Nev Power, equipping groups with the capacity and capabilities to meet the growing needs of surrounding industries.
Speaking to bluenotes on video after the announcement of a partnership with ANZ aimed at building capability Aboriginal businesses, Power said the remote nature of communities in locations such as WA’s Pilbara meant sustaining enterprises was very difficult.
This partnership will see ANZ provide Fortescue with an $A50 million leasing facility which will be put towards practical solutions for systemic challenges facing many Aboriginal businesses.
"[The partnership] will lead to greater economic activity in those communities, increased employment and greater economic self-sustainability.” - Nev Power
“[The agreement] allows these communities to access funds to buy income-generating assets for their businesses,” Power said.
“That will lead to greater economic activity in those communities, increased employment and greater economic self-sustainability.”
Power said currently there is very little enterprise able to be sustained in such communities.
“What these initiatives do is provide Aboriginal companies and entrepreneurs with [the tools] to meet the needs of the surrounding industry, particular mining,” he said.
He also touched on the future of opportunities in the remote areas Fortescue operates – watch the video above to find out more.
Kathleen Jahour is Head of Regional Business Banking WA at ANZ
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
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Growth in remote areas helps all: FMG’s Power
2017-10-06
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