Science, Innovation and Technology Minister Dr Shane Reti said the money will fund a new Biodiscovery Platform, led by the Bioeconomy Science Institute, over the next seven years.
“This is an economic growth initiative. By harnessing New Zealand’s biodiversity, we can develop world-class, export-ready products that create jobs, grow businesses and increase our global market share,” Dr Reti said.
The global market for bio-based products is forecast to top 300 billion US dollars by 2027. Dr Reti said the new platform would help New Zealand companies fast-track products for international markets and reduce the risks for private investors.
He compared the plan to the growth of the honey sector, which saw exports rise from 187 million dollars in 2014 to 420 million dollars by 2025, largely driven by mānuka honey.
“That’s the kind of uplift we want to replicate across multiple natural product sectors,” he said.
The institute will bring together researchers, Māori enterprises and industry partners to focus on commercially driven science and innovation.
The Biodiscovery Platform is part of a wider strategy to grow the country’s science and technology economy. In the past six months, the Government has committed funding to areas including artificial intelligence, advanced materials, research programmes and the gaming sector.
Dr Reti said the goal was to make sure New Zealand stayed competitive in global markets.
“Science, innovation and technology is one of the five pillars of our Going for Growth strategy. This investment ensures our natural advantages deliver long-term economic gains,” he said.
Broadcaster Chris Lynch is an award winning journalist who also produces Christchurch news and video content for domestic and international companies. This article was originally published by Chris Lynch Media and is published here with kind permission.
The global market for bio-based products is forecast to top 300 billion US dollars by 2027. Dr Reti said the new platform would help New Zealand companies fast-track products for international markets and reduce the risks for private investors.
He compared the plan to the growth of the honey sector, which saw exports rise from 187 million dollars in 2014 to 420 million dollars by 2025, largely driven by mānuka honey.
“That’s the kind of uplift we want to replicate across multiple natural product sectors,” he said.
The institute will bring together researchers, Māori enterprises and industry partners to focus on commercially driven science and innovation.
The Biodiscovery Platform is part of a wider strategy to grow the country’s science and technology economy. In the past six months, the Government has committed funding to areas including artificial intelligence, advanced materials, research programmes and the gaming sector.
Dr Reti said the goal was to make sure New Zealand stayed competitive in global markets.
“Science, innovation and technology is one of the five pillars of our Going for Growth strategy. This investment ensures our natural advantages deliver long-term economic gains,” he said.
Broadcaster Chris Lynch is an award winning journalist who also produces Christchurch news and video content for domestic and international companies. This article was originally published by Chris Lynch Media and is published here with kind permission.
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