The latest round of Primary Growth Partnership (PGP) funding
has been spread across forestry, merino wool and arable
farming organisations.
Agriculture and Forestry Minister David Carter said today $20
million would be split between the New Zealand Forest Owners
Association, the Foundation for Arable Research and the New
Zealand Merino Company (NZMC).
At slightly over $15m, NZMC will get the lion's share of the
funding, and with their own funding input included, the three
government-industry partnerships will be worth over $45m.
The government funds will be received over five to seven
years and Mr Carter said the economic spin-offs could amount
to billions of dollars "if the proposals' scientific and
market research and product development are brought to
fruition".
"These proposals are of a very high quality, and stand to
deliver enormous returns on investment," he said.
"When the PGP was launched in September last year, the aim
was to transform great ideas into research, development, and
ultimately products, jobs and growth.
"Since then, industry participants have been working hard at
refining business plans to provide evidence of how their
proposals will add significant value to the New Zealand
economy."
Seven other organisations have to date gained funding under
the PGP, which was set up after a $190m commitment from the
Government in last year's budget.
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