Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Govt provides $5m interim investment to Team NZ

Hon Steven Joyce
Minister for Economic Development

21 October 2013 Media Statement
Govt provides $5m interim investment to Team NZ
The Government is making an interim investment into Team New Zealand to retain key team members while a decision is made on a challenge for the 35th America’s Cup, Economic Development Minister Steven Joyce announced today.

Cabinet today agreed to provide $5 million in bridging funding to Team New Zealand to ensure key team members including designers, sailors, support crew and administration staff are secured until May 2014, by which time Team New Zealand plans to finalise a decision on its involvement in the next regatta.

The previous government made an interim investment on a similar basis, although for a larger amount of $10 million, after the 2007 America’s Cup regatta.

“The 2013 America’s Cup was a great demonstration of the talent and innovation that New Zealand holds within its marine and technology sectors. It also provided a very high profile for New Zealand expertise and innovation in the world’s largest economy. We are keen to retain the knowledge and skills of the team for a further challenge, should that prove feasible,” Mr Joyce says.

“There is no doubt the 2013 America’s Cup in San Francisco was hugely beneficial to New Zealand businesses, including our food and wine, ICT, tourism and marine industries who all leveraged successfully off the event. A thorough evaluation of the benefits to the New Zealand economy of the Government’s $36 million investment in the 2013 America’s Cup is under way and is expected in March 2014.

“Team New Zealand has now commenced planning for the next challenge. However it will not be possible for them to finalise their involvement until such time as they know key elements of the regatta, including where and when it will be held.

“The Government will assess its further involvement based on a strong business case from the team, and the benefits our involvement would bring for New Zealand exporters and our New Zealand brand.

The details of the next event and the economic evaluation of the 2013 event will be important considerations. This $5 million interim funding would form part of any final sponsorship arrangement, just as the $10 million initial funding did in 2007.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

John Key Press Conference: Ashburton Shootings, Judith Collins Inquiry

Prime Minister John Key has delayed the release of Nationals’ fiscal policy in light of this morning’s shooting at a Work and Income office in Ashburton... Key also answered questions about Judith Collins, and confirmed that independent inquiry will be held with regard to allegations made against Collins. More>>

ALSO:

Internet MANA: Georgina Beyer Rocks The Waka

“There is now, and always will be, a range of views about many issues within our movement and members are free to express them, but Georgina’s views on Kim Dotcom are not shared by the MANA Movement leadership or the vast majority of MANA members and supporters around the country” states MANA Candidate for Waiariki, Annette Sykes. More>>

ALSO:

IGIS Update: Inquiry Into Release Of NZSIS Information

The Inquiry would be conducted in private and individuals would appear before her separately over a period of more than a week. She does not intend to name those summoned to give evidence until her report is published. “I can confirm that all persons summoned will be required to appear under oath...” More>>

ALSO:

Gordon Campbell:
On John Key’s ‘Blame It On Judith’ Strategy

Right now, Prime Minister John Key seems intent on limiting the scope of any inquiry into his government’s dealings with Cameron Slater. The declared aim is to make that inquiry solely about Judith Collins’ behavior with respect to the Serious Fraud Office. More>>

ALSO:

Maori Council Lawyers' Statement: Supreme Court Decision On Maori Water Rights

“…the Supreme Court refused to give Pouakani people what they asked for, but may have given them something much, much better instead… the Supreme Court has questioned whether the Crown owns the River at all.” More>>

ALSO:

Gordon Campbell: On The Debate, And The Collins Accusation

Debating is a peculiar discipline in that what you say is less important than how you’re saying it. Looking poised, being articulate and staying on topic generally wins the day – and on that score, Labour leader David Cunliffe won what turned out to be a bruising encounter with Prime Minister John Key last night on TVNZ. More>>

ALSO:

Gordon Campbell: On Winston Peters' Latest Bout Of Immigrant Bashing

It is only one poll, but rather than cannibalising each other's vote, Colin Craig and Winston Peters do seem to be managing to find the room to co-exist... Few are questioning how Peters got to this happy place, and what it says about the mood of the electorate. More>>

ALSO:

More Immigration News: First People Trafficking Charges

The first people trafficking charges in New Zealand have been brought by Immigration New Zealand (INZ)... The defendants have been charged under the Crimes Act 1961 for arranging by deception the entry of 18 Indian nationals into New Zealand. More>>

Collins 'Misinterprets Media Reports': "Too Compromised To Remain Justice Minister"

Bizarre claims by Judith Collins this morning that she had been cleared of inappropriate behaviour by the Privacy Commissioner demonstrates she is too compromised to remain Justice Minister, Labour MP Grant Robertson says. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news