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Economic Development Minister Simon Bridges and Science and Innovation Minister Paul Goldsmith have today congratulated New Zealand’s leading hi-tech companies for achieving a combined annual global revenue of $10 billion for the first time.

Budget 2017 will invest $372.8 million of new operating funding in the second round of the Government’s Innovative New Zealand programme, Economic Development Minister Simon Bridges and Science and Innovation Minister Paul Goldsmith say.

“Every initiative in the Budget flows from having a strong economic plan that delivers sustainable growth and jobs,” Mr Bridges says. “The Government’s Innovative New Zealand programme invests in the skills and innovation that will keep our economy growing in the years ahead.”

The funding includes:

Economic Development Minister Simon Bridges and Science and Innovation Minister Paul Goldsmith today launched a new edition of an investment guide into New Zealand’s fast growing technology sector.

The Investor Guide to the New Zealand Technology Sector showcases the breadth and variety of technology companies in New Zealand.

A major investment announced by Huawei today will support our efforts to build an innovative, world leading economy, Economic Development Minister Simon Bridges and Science and Innovation Minister Paul Goldsmith say.

Chinese telecommunications equipment manufacturer, Huawei, has announced it will commit up to $400 million over five years to research and development and digital innovation in New Zealand.

Highlights of the investment include:

Economic Development Minister Simon Bridges and Science and Innovation Minister Paul Goldsmith today announced $2 million funding for a wood-processing facility which uses automation and robotics to turn low-value pine trees into high-value wood products.

This is just one of the local initiatives announced at the release of the Tairāwhiti Economic Action Plan in Gisborne.

The Government is making a major investment in growing innovation in Budget 2016, through the Innovative New Zealand package to encourage entrepreneurship, skills and economic growth.

“Innovative New Zealand is a series of 25 initiatives that will see $761.4 million invested over the next four years in science, skills, tertiary education and regional development initiatives. These will help diversify the economy, and support more jobs and higher wages for New Zealanders in the decade ahead,” Economic Development Minister Steven Joyce says.

Summary

Budget 2016 will provide $94.4 million of new funding over the next four years for regional economic development initiatives that will boost economic growth and benefit communities across regional New Zealand.

This dedicated regional investment funding is part of Budget 2016’s Innovative New Zealand package, which aims to unlock opportunities for innovation and diversification across New Zealand.

Summary

A total of $256.5 million in operating funding over the next four years will be invested across the tertiary education sector through Budget 2016’s Innovative New Zealand package as the Government continues to incentivise the provision of skills for the 21st century.

This package will encourage training in disciplines such as science, engineering, agriculture and the trades as we continue to grow a high-value, diversified New Zealand economy.

Summary

The Government will significantly increase its investment in science and innovation through Budget 2016’s Innovative New Zealand package, providing a further $410.5 million in operating funding over the next four years.

Investing in the work of our scientists and innovators is hugely important for developing an innovative New Zealand with a truly resilient and diversified economy.

Science and Innovation Minister Steven Joyce and Health Minister Jonathan Coleman today announced that the Government will invest $14 million over seven years in a $37.8 million public-private research partnership to promote precision-driven healthcare.

“The partnership will work on developing and conducting ground-breaking health data analysis and optimisation technologies for health assessment and management,” Mr Joyce says.