In what will be Google‘s largest investment in Australia to date, the tech giant said it will build a research hub, enlarge cloud computing, and fund joint projects with local organizations to the tune of $740 million.

The investment is called “The Digital Future Initiative” and will likely create about 6,000 jobs directly and support 28,000 more secondary jobs.

“Australia can help lead the world’s next wave of innovation, harnessing technology to improve lives, create jobs, and make progress,” said Sundar Pichai, a Google executive who spoke at the launch in Sydney.

Scott Morrison, prime minister of Australia, also spoke at the launch, saying: “The decision by Google has major benefits for Australian businesses as we engage with the economic recovery before us.”

Other Australian groups will take part in the initiative, including the Commonwealth Scientific and Industrial Research Organization, Australia’s government science agency.

A representative of DivisionX Global, a hi-tech investment company, Joshua Kennedy-White said Google’s initiative is a “huge win” for the Australian tech sector.

“It takes money to move an idea into innovation and the first money is the hardest to come by. If Google cut $250k cheques to promising start-ups, they could fund 4,000 new tech companies in Australia,” Kennedy-White said.