KEY POINTS:
The Government is putting $2 million toward developing a facility to be used for the construction of superyachts in Auckland.
Economic Development Minister Trevor Mallard announced the funding for the Hobsonville Marine Precinct today.
"New Zealand has an excellent reputation in the superyacht industry across the spectrum of design, construction, fit-outs and marine technology," he said.
That profile was lifted by New Zealand's involvement in this year's America's Cup.
"While this means New Zealand is well placed to benefit from international growth in the superyacht sector, the marine industry can only capitalise on this if it continues to develop resources and infrastructure that allow it to compete with offshore builders."
The project was developed by Waitakere City Council (WCC) and key players were the Marine Industry Association and the Auckland Regional Council's economic development agency AucklandPlus.
The government funding would help purchase equipment to enable large boats to be transported into the water. The funding is subject planning consents, leases, and financial contributions from the marine industry.
New Zealand's share of the worldwide superyacht market is about 4 percent.
- NZPA
