$2b boost in NZ exports to EU
New Zealand’s trade with the European Union has jumped $2 billion since a free trade deal entered into force in May last year.
The partnership was confirmed in London this month with the signing of an agreement at an event hosted by Prime Minister Christopher Luxon to celebrate connections between the United Kingdom and New Zealand.
Innovate UK and AgriZeroNZ will work together as investor partners, combining grant funding, investment and expertise to stimulate research and development into reducing agricultural greenhouse gas emissions.
Wayne McNee, AgriZeroNZ chief executive, said the partnership is expected to unlock new investment opportunities to support its ambition to ensure all farmers in New Zealand have equitable access to affordable, effective solutions to reduce biogenic methane and nitrous oxide emissions.
"The UK is highly regarded as a thriving hub for innovation and we're excited to tap into this network of high potential businesses across the agritech system with Innovate UK."
The partnership is said to complement AgriZeroNZ's diverse investment portfolio which includes UK start up Agroceutical Products, a previous Innovate UK funding recipient. AgriZeroNZ is setting up a new entity with the company in New Zealand and investing up to £2m to investigate how its daffodil extracts could be used as a methane inhibitor to reduce agricultural emissions.
AgriZeroNZ is described as a world-first public-private joint venture focused on helping farmers cut emissions while maintaining their competitive edge.
Established two years ago, the JV is half owned by the New Zealand Government through the Ministry for Primary Industries and the other half owned by private companies - the a2 Milk Company, ANZ Bank New Zealand, ANZCO, ASB Bank, BNZ, Fonterra, Rabobank, Ravensdown, Silver Fern Farms and Synlait. Private sector funding is matched by Government, dollar-for-dollar, to provide $191 million over AgriZeroNZ's first four years.
