New Zealand Prime Minister Helen Clark on Tuesday announced the government's largest-ever single investment in science and innovation for the primary sector.
The government has committed 700 million NZ dollars (553 million U.S. dollars) to new research, development and innovation for pastoral and food industries.
Industry contributions and interest are expected to grow the fund, known as New Zealand Fast Forward, to about 2 billion NZ dollars over the next 10 to 15 years.
"We need to lift our levels of innovation on the farm, in the factory, and in the laboratory to keep ahead of the rest of the world and ensure that our pastoral and food industries are part of the new economy for New Zealand in future," she said.
"This bold new initiative is part of the Labour-Progressive Government's plan for the future to transform our economy into a smart, innovative, and high value supplier of goods and services which global markets demand," she added.
Clark said the money will help transform New Zealand's primary industries to ensure they are environmentally and economically sustainable.
"That is both the right thing to do for the environment - and the smart thing to do, as we have much to gain from being viewed by our trading partners as sustainable producers and suppliers," Clark said.
Source:Xinhua
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