September 13, 2010


New Zealand's aquaculture gets US$400,000 investment


The New Zealand Trade and Enterprise (NZTE) -administered Aquaculture Market Development Contestable Fund has awarded NZD550,000 (US$400,000) to four local aquaculture firms.

The four aquaculture businesses-Aotearoa Fisheries, Greenshell New Zealand, New Zealand King Salmon and Pacifica Seafoods-each received co-funding to help them maximise their opportunities in major offshore markets.

Dieter Adam, NZTE Director of Food & Beverage/Biotechnology, said that the aquaculture contestable fund belongs to the government's programme for collaborating with the aquaculture industry and that it has been created to help firms make the most of opportunities in international markets.

"The four projects are largely focused on the development and delivery of innovative products and initiatives in North American and Asian retail markets. These are projects that will each help to further build the profile of New Zealand's aquaculture industry internationally, and further position us as a leading supplier of high quality seafood products," said Adam.

Launched early last year, the Aquaculture Market Development Contestable Fund is managed by NZTE on a dollar-for-dollar match basis and it is available for approved projects to qualified businesses. Since the fund was launched, NZD1,150,000 (US$833,600) has been awarded in co-funding.

NZTE will keep on evaluating the development and success of each project with the prospect of making additional funds accessible for projects in the future.

The fund backs projects that add to the broader objectives of the New Zealand Aquaculture Market Development Strategy being realised by Aquaculture New Zealand with the support of NZTE.

Back in July, NZTE gave aquaculture in the Eastern Bay of Plenty funding worth NZD104,000 (US$75,845) approved by the regional governance group. The capital went to help establish a regional aquaculture group and craft a regional profile of the nascent aquaculture industry and future infrastructure requirements.

Moreover, last January, Economic Development Minister Gerry Brownlee announced the addition of NZD550,000 (US$398,700) to the aquaculture market development contestable fund to help aquaculture firms reap the benefits of up-and-coming offshore opportunities. He said the investment would advance the industry's programme to drive growth over the medium to long term.

Video >

Follow Us