The Government has released its Manufacturing Taskforce report, which has a five point policy designed to get the manufacturing industry moving again.
The report, released today, states that it "looks to shape a more dynamic contribution from manufacturing over the medium term to longer terms", adding that there is an "urgent priority that needs to be given to addressing the immediate challenges faced by businesses and employees".
The first point the report lays out is addressing these challenges and "the real and imminent danger of large losses of jobs and capabilties".
It also looks "to help reboot economy wide growth, encourage investment, and reduce the costs of doing business" via a targeted stimulus and initiatives such as new regulation and taxations have also been proposed.
The report also seeks to address competitiveness issues in the market, putting forth "the development of globally oriented innovation precincts".
This report also outlines the need to "address the multiple barriers facing SMEs, and to help more SMEs grow into mid sized firms".
"The agenda proposed here is a complex one. It will require sensible sequencing and the engagement of multiple stakeholders. Notwithstanding the urgent pressures on parts of manufacturing, the non-government members of the Taskforce stress the need to get it done right rather than get it done fast," report states.
It goes in to say that the industry must focus on invention and innovation, with government assistance, if it is to succeed.
To read the report in full, click here.