NZ to Boost Dairy, Red Meat Sectors

The New Zealand Government said it will invest NZ$144.1m in its dairy and red meat sectors to increase productivity.

Under its Primary Growth Partnership initiative, the government will inject NZ$84.6m into the dairy sector, while the red meat segment will receive NZ$59.5m.

The government has earmarked NZ$170m for the dairy programme and NZ$151m for its red meat project, which will be invested over the next seven years.

A joint venture between Silver Fern Farms, PGG Wrightson and Landcorp aims to develop the red meat sector by 50% by 2025.

The project expects to earn NZ$1.1bn in seven years and a total of NZ$8.8bn by 2025, according to nzherald.co.nz.