With less than a week to go before the release of a strategy to restore profitability to the red-meat sector, a new fund has been launched to boost productivity and development in the industry.
The $850,000 contestable fund is a joint initiative between Trade and Enterprise and Beef + Lamb New Zealand.
The acting economic development minister, David Carter, says the contestable fund - to be launched next Wednesday - will enhance the strategy by helping to fund the growth of the red-meat sector.
He says red meat is the country's second largest export earner and the Government believes the industry could significantly lift its annual export earnings of $5 billion.
Mr Carter says applications for the fund are now open, and the successful projects will be named by the end of June.
Federated Farmers says the new fund will help farmers reach a higher targeted price for lambs in the next two years, by providing more firepower to develop markets, and other opportunities.
Meat and fibre chair Bruce Wills says farmers aim to achieve $150 for an average mid-season lamb by 2013, up from the $100 - $120 at present.
The fund adds to a $150 million red meat programme that the Government and industry have signed up to through the Primary Growth Partnership.
