29 June 2009
New Zealand’s fastest growing seafood sector has received a boost from a Contestable Market Development Fund for New Zealand Aquaculture.
Five new projects from four New Zealand aquaculture companies will be launched by the end of the month.
As part of the Government’s programme for partnering with industry, a total of $600,000 is being allocated to co-fund projects by Aotearoa Seafoods Ltd, Island Aquafarms Ltd, Pacifica Seafoods Ltd and The New Zealand King Salmon Co Ltd.
The funding is for projects with the potential to drive industry growth over the medium to long term and will be administered on a dollar-for-dollar match basis.
NZTE Operations Manager – Food and Beverage, Sam Lewis, says there was keen interest from multiple participants in the sector and applications for the grants were oversubscribed.
“The projects target opportunities for improving profitability and competitiveness of the sector in key markets including Asia and North America,” said Mr Lewis.
“Aquaculture accounts for 15 percent of New Zealand’s seafood exports by revenue and the sector is active in 77 markets worldwide. Currently the sector generates in excess of $300 million annually and the target goal is to reach $1 billion in sales by 2025,” he said.
“Applications for funding covered a broad range of activities and were designed to encourage innovative market development in the sector.”
“It’s great to see five new projects for two of aquaculture’s flagship species, Greenshell™ Mussels and King Salmon, are underway. Along with Pacific Oysters these species have been major contributors to the growth of aquaculture production in New Zealand,” said Mr Lewis.
Projects supported by the fund will contribute to the wider goals of the New Zealand Aquaculture Market Development Strategy, which is being implemented by Aquaculture New Zealand.
Managed by New Zealand Trade and Enterprise (NZTE) with funding in response to the recommendations of the Food and Beverage Taskforce, the fund is part of the $2.5 million in-market assistance support of the Aquaculture sector in the 2008/09 financial year.
NZTE will be evaluating the progress and success of each project with the possibility of further funds being available for future projects.
Media contact:
Marisa Chahel, NZTE,
phone +64 9 354 9125 or +64 27 2109 303 (mobile),
email marisa.chahel@nzte.govt.nz
Notes for Editors:
About New Zealand Trade and Enterprise
www.nzte.govt.nz
New Zealand Trade and Enterprise (NZTE) is the government’s national economic development agency. We work to stimulate economic growth by helping boost export earnings, strengthen regional economies and deliver economic development assistance to industries and individual businesses. As a global organisation, NZTE uses its knowledge and contacts in key overseas markets to provide crucial international connections for New Zealand businesses looking to expand internationally and also to attract direct investment into New Zealand.
About the Food and Beverage Taskforce
The Food and Beverage Taskforce was established in 2004 as part of the government’s recognition of the sector’s ongoing importance to New Zealand’s future economic development. In August 2006 the Taskforce presented its findings in the report Smart Food, Cool Beverage: New Zealand’s Future in the Food and Beverage Sector. The report identifies challenges and opportunities the sector faces and outlines key recommendations for taking the sector forward. The Government’s response in July 2007 defined six key initiatives in alignment with key themes of collaboration, protecting the core and transformation through development of new products and markets.
NZTE is charged with project management of all initiatives but specifically to the implementation of key initiative three – increase the profile of New Zealand food and beverage firms internationally through expanded in-market assistance.
About Aquaculture New Zealand
www.aquaculture.org.nz
Aquaculture New Zealand represents the interested of New Zealand’s mussel, salmon and oyster farmers. Formed as a result of the New Zealand Aquaculture Strategy released in 2006, the organisation was developed in 2007 and is charged with the implementation of the 10 point plan within the strategy.
