Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Vital food industry report welcomed

Media release from NZ Food & Grocery Council
Vital food industry report welcomed

The New Zealand Food & Grocery Council welcomes the release of the Coriolis report ‘An Investor’s Guide to Emerging Growth Opportunities in New Zealand Food and Beverage Exports’ by the Ministry for Business, Innovation, and Employment (MBIE).

With the Government’s stated ambition of increasing exports by 40% by 2025, the report was commissioned by the ministry to identify and highlight export categories with the potential to be “the next wine industry”. They are existing exports showing strong growth and global demand and, ideally, are capital intensive and attract a premium for quality.

FGC CEO Katherine Rich says the report is a vital resource for anyone in the food industry or someone looking to invest in it.

“FGC would like to publicly thank MBIE for the foresight of commissioning this compilation of vital statistics on the food and beverage industry and its potential. It’s the first time this information has been collected in such an easy-to-reference format.

“The food industry is the backbone of the economy and is always looking for investment to grow export opportunities.

“It’s important that this additional investment is attracted so New Zealand can take advantage of the significant growth opportunities presenting themselves, particularly in Asia as the middle class there grows.

“It’s perhaps not surprising that the sectors identified by the report as showing the greatest potential to grab these opportunities are ones where New Zealand could have a competitive advantage: salmon, honey, spirits, biscuits, pet food, cherries, and infant formula.

“But there are other areas, too: chocolate, frozen French fries, beer, alcoholic cider, avocados, berries, jams and jellies, capsicum, peas (frozen and dried), sugar confectionery, soups and broths, fresh onions, prepared fish, and beef jerky.

“As the report identifies, our exports of these top categories in 2010 were greater than the wine industry ($1.03 billion as against $951 million), and most of them are growing faster than all other food and beverage exports. Some 17 of them have already attracted foreign and/or private equity investment, indicating that the market itself has identified they present strong opportunities for growth.

“These categories of processed goods are already having an impact. But what is most exciting is that Coriolis predicts that if they all achieved their potential we would be looking at exports worth between $4.3 billion and $6.1 billion – approximately $4.9 billion additional.

“It is vital for New Zealand’s future that we are able to take advantage of the opportunities identified by this report.

“To achieve the Government’s goal of increasing exports by 40% by 2025, each of these categories needs to continue to grow. This MBIE report will play a critical role in informing this plan.”

The report is available by going to the Food and Beverage Information Project at www.med.govt.nz


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news