Agriculture Minister David Carter says the Government is delivering on its promise to provide funding.
"Should National win the election and form the next Government, we will create a new company called the Crown Water Investment Company and $400m will be available from Budget 2013," he says.
The money will be sourced from the Future Investment Fund.
Lifting productivity and driving export growth is the focus of the National's primary sector policy, says Carter.
"Water is one of New Zealand's greatest competitive advantages, but we are not making the most of it. Developing water storage and irrigation has huge potential to unlock economic growth and prosperity for the primary sectors, and for all New Zealanders.
"But National's water storage initiatives are not about irrigation at any cost. High standards of consultation and design will be required, and more reliable access to water will lead to more efficient use of this vital resource."
Carter says this water funding builds on a range of initiatives already underway to deliver an innovative, competitive and sustainable rural sector.
He notes that boosting investment in primary sector research and innovation is a key priority under National, and the Primary Growth Partnership has projects totalling $500m underway.
National will continue its focus on lifting the economic performance of agriculture, horticulture and forestry sectors, protecting biosecurity and driving an ambitious trade agenda.
"National recognises that agriculture is the
key driver of our
economy. The continued prosperity of our primary sectors is crucial to
growing the tradable
economy and improving the living standards of New Zealanders," says Carter.
