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New Zealand’s Acting Economic Development Minister David Carter has announced an $850,000 contestable fund to drive further growth of our second-largest export earner, the red meat industry.

The Red Meat Market Development Contestable Fund is a joint initiative between New Zealand Trade & Enterprise and Beef + Lamb, with funding allocated to successful applicants on a 50/50 basis.

“The success of the 2009 Aquaculture Market Development Contestable Fund, which has driven significant innovation and market development in that industry, demonstrates the potential scope for our important red meat sector,” says Carter.

“Red meat generated around $5 billion in export revenue last year, and the Government believes a more concerted approach by the industry could considerably lift this figure.”

Carter says the new contestable fund aims to encourage innovative industry-led projects that will lift the profitability, competitiveness and sustainable growth of the meat sector.

“This new fund further enhances the Government’s Primary Growth Partnership which has so far pledged more than $60 million towards a joint $150 million red meat programme.

It also flags the importance of the Red Meat Sector Strategy Report to be released next week. Applications for the fund, which will be administered by NZTE, close on 20 May.

For more information: www.nzte.govt.nz

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