April 28, 2011

New Zealand government announces red meat industry fund

The New Zealand government has announced a NZD850,000 (US$686,000) fund to help stimulate the nation's red meat industry.

The fund, a joint initiative between New Zealand Trade and Enterprise (NZTE) and Beef and Lamb, aims to encourage industry-led projects with the potential to lift the profitability and competitiveness of the meat sector, Acting Economic Development Minister, David Carter, said.

"The success of the 2009 Aquaculture Market Development Contestable Fund, which has driven significant innovation and market development in that industry, demonstrates the potential scope for our important red meat sector," Carter said.

"Red meat generated around NZD5 billion (US$4 billion) in export revenue last year, and the government believes a more concerted approach by the industry could considerably lift this figure," he said.