India FTA Removes 33% Tariff on NZ Sheepmeat
New Zealand’s red meat sector has welcomed the India-New Zealand Free Trade Agreement taking effect, which removes India’s 33% tariff on New Zealand sheepmeat.
The Government's Irrigation Acceleration Fund will provide $7 million over two years to co-fund technical investigations and design work to determine if an irrigation scheme is viable, both from a technical and economic perspective.
This will be matched by funds from shareholder equity and the scheme's partner, Meridian Energy, says Guy.
'If the scheme proves to be viable it has the potential to increase income in the Waimate and Timaru districts by $830 million per annum and create 1,800 jobs," he says.
'It would also provide long term security for agriculture in these districts and provide landowners with greater confidence around production and investment decisions.
The irrigation infrastructure also has the potential to benefit the nationally significant wetland, Wainono lagoon, according to Guy.
A consequence of the scheme will be extra flows of water into the lagoon that will achieve better water quality outcomes, he says.
If viable, the scheme will draw water from the Lower Waitaki River and depending on the outcome of the investigation, construction could begin late 2016 and be completed by the end of 2019.
Hunter Downs Development Company is a joint venture between Hunter Downs Irrigation Ltd and Meridian. Initial development costs were met by Meridian Energy.
