Huge welcome to Primary investment funding

Agriculture and Forestry Minister David Carter

During yesterday's budget, government investment for primary industries was welcomed with wide open arms, in spite of criticism from some for a scrapped tax credit for research.

Whopping $190 million of funding was given to a new Primary Growth Partnership over the next four years, reaching $70 million a year when fully operating in 2012/13.

The industry would match the government investment that would lead in an annual investment of up to $140 million.

If adhered to Agriculture and Forestry Minister David Carter, the initiative displays the Government's bid to enhance productivity in the economically vital primary sector. Carter continued, "Innovation in the primary and food sector industries will be essential for New Zealand's long-term economic growth and improved environmental performance. This initiative will build world-class expertise in these sectors."

It should be noted that pastoral, arable, horticulture, seafood, food processing, climate change, forestry and wood are the sectors covered by the funding.

Furthermore, education, research and development, product development, commercialisation, market development and technology transfer would be included in Investments.

The scrapped NZ Fast Forward fund planned by the previous Labour Government replaced the partnership scheme.