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Additional funding available for aquaculture

Hon Gerry Brownlee
Minister for Economic Development


18 November 2010 Media Statement

Additional funding available for aquaculture

Economic Development Minister Gerry Brownlee has today announced a third round of the aquaculture market development contestable fund, providing $410,000 in additional funding for the industry.

“The fund aims to support a small number of very high quality projects that have the scope and scale to improve the profitability and competitiveness of New Zealand’s aquaculture industry.

“Successful applicants will be granted funds to expand their market development activities and help further transform the sector,” Mr Brownlee said.

Since its launch in early 2009, $1.15 million in co-funding has been awarded through the fund for a range of projects in key markets such as the United States and China.

“The additional funding will help New Zealand aquaculture companies grow and succeed in key international markets, which will in turn help the wider industry achieve its growth target of $1 billion in revenue by 2025,” Mr Brownlee said.

The aquaculture market development contestable fund is part of a $6.5 million investment over four years (2007/08 – 2010/11) to Aquaculture New Zealand for the further development of the industry internationally.

The fund supports projects that contribute to the wider goals of the New Zealand Aquaculture Market Development Strategy being implemented by Aquaculture New Zealand, with support from New Zealand Trade and Enterprise.

The fund is administered by NZTE on a dollar-for-dollar match basis and is available to eligible companies for approved projects.

Applications for round three close on 18 February 2011 and successful applicants will be selected by an assessment panel made up of an AQNZ representative, two NZTE representatives, and two external industry representatives.

ENDS

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