Taranaki’s Action Plan to modernise its economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural sectors.

Regional Economic Development Minister Shane Jones and Parliamentary Under-Secretary Fletcher Tabuteau are in New Plymouth today for the launch of Tapuae Roa: Make Way for Taranaki Action Plan with the Taranaki region.

Taranaki’s economy has traditionally relied on the oil, gas and minerals industry, as well as dairy and energy, which make up about 40 per cent of the region’s GDP.

“The region is transitioning to a modern, high-value economy based on the skills, enterprise and knowledge of its people,” Shane Jones said.

“The PGF will fund up to $20 million for projects from the action plan, with the region itself contributing more than $16 million.

“Investment will be made into an ambitious proposal to enable more people to enjoy the beauty of Mt Taranaki and initiatives aimed at transitioning the region to meet global market trends, such as those in the energy sector. It will also create more opportunities to attract people to the region.

“The Action Plan identifies ‘four futures’ – energy, food, Māori economy and visitor sector futures. All of the actions combined will work to grow Taranaki’s talent and entrepreneurial mindset. Developing the skills and capabilities of the wider Taranaki community will form the strong foundation of a modern economy.

“It’s great to see the effort that has gone into this action plan and I’d particularly like to acknowledge the work of the governance group, which has worked hard to bring everyone together to make the most of the opportunities in Taranaki.

“Integrated regional leadership - working alongside central and local government, iwi/Māori, and business - is vital to the plan’s successful implementation and the future growth of the region,” Shane Jones said.

 

Provincial Growth Fund investments 

Announcement

PGF 

Taranaki Cathedral Church of St Mary

$5,000,000

Taranaki Crossing Experience

$13,340,000

New Energy Development Centre – business case

$100,000

H2 Taranaki Hydrogen Road Map

$50,000

Future Foods – Taranaki Hill Country initiative

$250,000

Future Foods – Major Food Opportunities

$125,000

Future Foods – Food Network

$50,000

SH43

$400,000

Taranaki Innovation Precincts

$100,000

Māori Education and Enterprise Stocktake

$100,000

Tapuae Roa Support

$210,000