Aquaculture: Aquaculture To Get Funding Boost
February 2nd, 2010
Economic Development Minister Gerry Brownlee has announced an injection of $550,000 to the aquaculture market development contestable fund, which has been running for a year so far. The contestable fund is administered on a dollar-for-dollar match basis and is available to eligible companies for approved projects. This additional investment follows the first round allocation of $600,000 for five projects focusing on opportunities for the sector in key markets including Asia and North America.Aquaculture accounts for almost 20% of NZ’s seafood exports by revenue and currently generates close to $350m annually, and is targeting $1bn in sales by 2025. Based on outcomes from this funding, further funding may be made available for additional projects during the 2010/11 fiscal year.
Applications close on 31 March 2010 and successful applicants will be selected by an assessment panel made up of an AQNZ representative, two NZTE representatives and two external industry representatives.
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