According to news from Radio New Zealand, the fund is designed to encourage innovative market development projects for the industry, which in 2007 had exports worth $227 million.
The news station reports that companies that secure funding will be required to match it dollar for dollar.
Economic Development Minister Gerry Brownlee says the fund will support high-quality projects that have the scope and scale to improve profitability and competitiveness in the sector.
Mr Brownlee says by focusing on projects with a total cost of $100,000 or more, the fund will further enhance marketing initiatives that have potential to drive industry growth over the medium to long term.
He expects the fund to be hotly contested, saying the ultimate goal is an aquaculture sales target of $1 billion by 2025.
NZ Gov Announce $600,000 Aquaculture Funds
NEW ZEALAND - The New Zealand Government recently announced a $600,000 contestable fund for the aquaculture industry.
