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Funding Boost for Aquaculture

by the Fish Site Editor
02 January 2009, at 12:00am

NEW ZEALAND - The government has announced moves to boost the aquaculture industry with a $600,000 fund set up to encourage innovation.

The government sees the expansion of New Zealand's territorial waters as an opportunity to further develop the sector, reports TVNZ.

Economic Development Minister, Gerry Brownlee, says that aquaculture is the fastest growing element of the seafood trade and currently generates 15 per cent of the country's seafood export revenue.

Mr Brownlee says the government wants to see it grow even further and has set a sales target of one billion dollars a year by 2025.

The maximum grant would be $250,000 and the fund will be administered on a dollar-for-dollar match basis with investments from the private sector.

the Fish Site Editor