April 11, 2008

New Zealand to invest in aquaculture development

The New Zealand government will be investing about NZ$124,000 (US$99,000) in aquaculture development in the Canterbury and Waikato areas.

About NZ$100,000 (US$80,000) would be allocated to Canterbury while NZ$24,000 (US$19,200) would be used to fund Waikato in the development of new aquaculture space and for research on environmental effects, respectively.

This funding is part of a NZ$2 million (US$1.6 million) fund announced last year meant to help in developing the economic and other benefits of sustainable aquaculture.

The funding will be used to assist in aquaculture planning through information gathering, consultation with interested parties, planning work projects and other groundwork.

About NZ$399,000 (US$319,500) has been allocated to Northland, Auckland, Waikato and Bay of Plenty.

"We are working in partnership with the industry to assist continued growth and development so it can reach its NZ$1 billion (US$801 million) target by 2025. The sector has much to contribute to New Zealand's economic transformation nationally and regionally," said environment minister Trevor Mallard.

New Zealand is trying to maintain its position in the competitive market by taking advantage of its clean waters and building the aquaculture industry in an environmentally sustainable way, Mallard added.