Vic govt open for business in San Francisco

Efforts to pursue North American business opportunities for Victorian biotechs have been redoubled with the opening today of a dedicated office in San Francisco.

Premier Steve Bracks officially unveiled the Victorian Government Business Office (VGBO) during the state's investment mission, which will take in Bio 2002 Toronto and other planned events in the United States and Europe.

Bracks said the office, set up with funding support from the City of Melbourne, would focus on winning new investment in Victoria's biotechnology industry, as well as in information and communication technology.

"We have many outstanding strengths in these two key industries which offer great investment opportunities for the United States' multibillion dollar ICT and biotechnology sectors," he said.

"We are setting up this new business office in San Francisco - a leading global centre for these industries - to secure even more investment and open up new markets for these sectors."

The initiative was announced in April as part of the government's Building Tomorrow's Businesses Today statement.

In that statement, Innovation Minister John Brumby committed $3 million to enhancing the existing network of eight VGBOs and to opening a new office in San Francisco.

On announcing the new VGBO, Brumby said the international business office would help promote the state's business strengths in areas such as biotech.

"We must harness our advantages in scientific achievement and technological innovation to project ourselves into the world market," he said.

"This is where tomorrow's profits, and the jobs of the future, will be generated."

The San Francisco office joins a network of VGBOs in North America, Europe, Asia and the Middle East.

Launching the new addition at a cocktail reception at the Omni San Francisco Hotel, the Premier pointed out that Victoria was home to a third of all Australian biotechnology companies and had more dedicated biotechnology companies than any other Australian state.

"Our research has been responsible for some of the world's most innovative biotechnology developments, including the drugs G-CSF and Relenza, the bionic ear and new IVF technology," Bracks said.

He said that as well as attracting new investments to the state, the office would also oversee a Business Accelerator Centre that would provide support and office facilities for smaller high technology Victorian companies looking to establish a presence in the US.