Brownlee increases aquaculture funding

Economic Development Minister Gerry Brownlee has given aquaculture, New Zealand's fastest growing seafood sector, a financial boost.

He said yesterday that investment in the sector would accelerate the industry's programme to drive growth over the medium to long term.

To help aquaculture companies take advantage of overseas opportunities, Mr Brownlee announced the addition of $550,000 to the aquaculture market development contestable fund.

The fund, launched early last year, is administered on a dollar-for-dollar match basis and is available to eligible companies for approved projects.

The extra investment follows the allocation of $600,000 for five projects focusing on opportunities in key markets including Asia and North America.

"Aquaculture accounts for almost 20 per cent of New Zealand's seafood exports by revenue and currently generates close to $350 million annually, with a target goal to reach $1 billion in sales by 2025," Mr Brownlee said.

"The activity generated by new projects will build on the five projects which are already under way for two of aquaculture's flagship species, greenshell mussels and king salmon.

"Along with Pacific oysters these species are major contributors to the growth of aquaculture production in New Zealand."

Applications close on March 31.

- NZPA