New Zealand's aquaculture industry has received a $550,000 boost through the Aquaculture Market Development Contestable Fund, administered by New Zealand Trade and Enterprise.

Four aquaculture companies, Aotearoa Fisheries, Greenshell New Zealand, New Zealand King Salmon, and Pacifica Seafoods have each received co-funding to help them maximise opportunities in key international markets.

NZTE's Director - Food & Beverage/Biotechnology, Dieter Adam says that the aquaculture contestable fund is part of the Government's programme for partnering with industry and has been designed to help companies maximise opportunities in offshore markets.

"The four projects are largely focused on the development and delivery of innovative products and initiatives in North American and Asian retail markets. These are projects that will each help to further build the profile of New Zealand's aquaculture industry internationally, and further position us as a leading supplier of high quality seafood products."

Launched in early 2009, the Aquaculture Market Development Contestable Fund is administered by NZTE on a dollar-for-dollar match basis and is available to eligible companies for approved projects. Since it was launched, $1,150,000 in co-funding has been awarded. NZTE will be evaluating the progress and success of each project with the possibility of further funds being available for future projects

The fund supports projects that contribute to the wider goals of the New Zealand Aquaculture Market Development Strategy being implemented by Aquaculture New Zealand, with support from NZTE.