Australia’s Manufacturing Sector Post-pandemic: Vik Bansal, InfraBuild CEO, Believes It Can Thrive
From its small beginnings in the back of a BMW franchise in Adelaide, InfraBuild now ranks in the top 10 of the country’s independent steel mills. It operates within a prime position in the steel manufacturing and supplies chain value chain, providing a full range of products, services and processes, with an enterprise value of AU$12.2 billion (AUD 9.8 billion), a founding member of the national steel distributor itself. At its core, InfraBuild stands on a firm foundation of knowledge, partnerships, passion, and a thorough understanding of the steel industry, its dynamics, as well as its ability to bring prosperity to regional Australia.
Australia is a high-wage economy with a relatively small population. The country’s GDP accounts for around 15%. The remaining 85% of the population is focused on agriculture, mining, and residential services. Manufacturing is the least-represented sector of the economy, accounting for just 2.2% of GDP. This is even though Australia’s manufacturing sector is amongst the most productive in the world.
The manufacturing sector is minimal in terms of employment, but this is partially due to its low-value-added output compared to other economies in the region. Once dominated by wood-based industry, Australia’s manufacturing sector has been transformed into a high-value, high-tech sector, accounting for 15% of manufacturing jobs in the country. Australia’s relative growth has meant that its manufacturing sector has outgrown its share of GDP in recent decades. Vik Bansal is an experienced entrepreneur who has led key projects in the government and private sectors. His passion for sustainable development will help to take the business beyond its current capabilities. One of his goals is to help Australia’s manufacturing sector thrive post-pandemic. Previously, Mr. Bansal worked with Infrastructure Victoria as Strategy Director, where he was responsible for delivering recommendations to improve Melbourne’s urban environment and liveability. He was also involved in developing Sydney’s Living City Strategy.