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Regional Economic Investment Strategy (REIS)
The Torres Strait Regional Economic Investment Strategy (REIS) represents a new approach for the TSRA to help facilitate commercially-viable business opportunities in the Torres Strait Region. This new approach, which complements the TSRA’s existing suite of business support products and services, is
A Pro-active Approach to Facilitate Commercially-viable Business Development in the Torres Strait Region
Informed by extensive research, consultation and analysis, the REIS enables the TSRA to be pro-active in identifying and approaching individuals or organisations with strong prospects to establish or grow existing enterprises.
A Priority for 2016
The TSRA has identified the implementation of the REIS as one of the most important priorities for the Torres Strait Regional Authority in 2016.
The REIS Targets Three ‘Focal’ Industries
The REIS recommends the TSRA focus its business assistance services on opportunities within three key industries. These ‘focal’ industries have been identified as presenting the best prospects to assess potential projects for business assistance. They are:
- Cultural Arts and Creative Industries; and
Priority Industry - Fishing
Resource constraints mean not all opportunities to support local business development can be acted on immediately. Therefore, fishing is identified as the number 1 priority, specifically, support for value-added fishing activities. As a result, fishing will be the focus of the first projects when the REIS is officially launched in 2016.
Existing TSRA Business Support Products and Services will continue to be provided
The REIS is designed to integrate with the TSRA’s existing products and services. Organisations and individuals who do not qualify for support under the REIS Fisheries Business Growth Package may be eligible to access other TSRA products and services which will continue to be available via a combination of: low-interest business loans; grants; small business training and workshops and one-on-one mentoring support.
Implementation of the REIS: Integration and Engagement
The REIS was announced via a media release on 4 July 2016. A formal launch of REIS was held on 26 October 2016, following the TSRA election and induction of the TSRA board.
Team members from the Economic Development Programme are engaging with the key stakeholders throughout 2016.