Thank you for inviting me. It's always a pleasure to be in the Marlborough Sounds.

I am very pleased to be able to help open this upgraded salmon farm. New Zealand King Salmon is an excellent example of what can be achieved with aquaculture.

The company has an extensive and delicious range of products - produced here and exported around the world.

This country has huge potential for aquaculture development. We have a very long coastline, clean seas and a temperate climate.  World demand for seafood is increasing rapidly.

This demand is outstripping the ability of the environment to provide wild catch.  And demand will as developing countries seek more high quality seafood.

I want to see the New Zealand industry meet more of this demand and take advantage of our reputation for producing premium quality food.

I know that demand for King Salmon's products is already exceeding the company's ability to supply it.

This upgraded farm is one way to meet demand but I know it won't be enough.  The National Government is determined to help the aquaculture industry increase its ability to supply world markets.

The current law is costly, impractical and a major impediment to the industry's development.

We are committed to delivering a regulatory regime that helps the industry achieve the goal of becoming a $1 billion a year industry, at least.

Work is underway in a number of areas to deliver on this commitment.

Last month the Government introduced legislation to Parliament that will simplify and streamline the Resource Management Act.

This first phase of reform will deliver benefits to the aquaculture planning process.

Work has also started on a second phase of RMA reform. This will address more complex issues such as resource allocation, including aquaculture.

The Forum also commissioned an independent report into possible improvements.  I am pleased to note that the draft report was delivered last week.  I look forward to hearing the Forum's considered views on the options presented in the near future.

The Minister for the Environment, Nick Smith, and I expect to report to Cabinet on options for aquaculture reform in June.

I would like to acknowledge the work of Paul Steere and King Salmon on the law review.

The Government appreciates the aquaculture industry's commitment to working constructively to overcome impediments and get the sector moving again.

I'd just like to say a few words about the growth of finfish farming in New Zealand.

A key principle of the Government's support for aquaculture is capitalising on research and development of new and higher value species, products and technologies. 

Future growth of the aquaculture industry is not just about more new space.  It is also about using the space we already have to best effect through innovation, new technologies and new species.

The Government is working with regional councils to support increased innovation and flexibility within existing aquaculture space.

We are currently working with Environment Waikato to allow for existing mussel farms to be converted into higher value fin fish farms and have granted $70,000 from the Government's Aquaculture Planning Fund to help progress this.

I commend King Salmon on its commitment to sustainable aquaculture and the value it obtains because of its high environmental standards.

We live in a world where consumers increasingly demand sustainably produced products.

Delivering those products helps us get premium prices in already high value markets.

The industry now has in place comprehensive environmental codes of practice for finfish, mussels and oysters.

We need to show that aquaculture is a good steward of our public coastal space and build community support for the benefits aquaculture can bring to the regions.

Finally, I'd just like to say that I'm positive aquaculture in New Zealand has a bright future.

Our natural environment is the envy of the world and is a huge competitive advantage for the industry.

Meanwhile the industry is full of innovators and pioneers who lead the way in developing and perfecting techniques that will bring even more value in the future.

I would like to wish New Zealand King Salmon the best of luck for this upgraded farm.

I can assure you that you have Government's support for the work you are doing now and the efforts you are making toward the company's bright future.

Thank you.