Bishop welcomes Callaghan Innovation budget boost in Budget

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Tue Apr 14 2015 12:00:00 GMT+1200 (New Zealand Standard Time)

Bishop welcomes Callaghan Innovation budget boost in Budget

Tuesday, 14 April 2015, 3:19 pm
Press Release: New Zealand National Party

National List MP based in the Hutt Valley, Chris Bishop, has welcomed the announcement by the Prime Minister that Budget 2015 will include another $80 million over four years to encourage more private sector research and development through Callaghan Innovation, based in the Hutt.

“This funding is equivalent to a 14 per cent increase in Callaghan Innovation’s R&D co-funding budget, and is in addition to the $566m committed over four years for R&D grants in Budget 2013.

“This new funding presents a big opportunity for companies in the Hutt Valley. Over 3,900 people across more than 825 Lower Hutt businesses are employed full-time in the high-tech sector, and the sector generates $473 million in GDP already. Lower Hutt has the fourth largest number of people in NZ employed in medium high-tech manufacturing.

Mr Bishop says the new funding is a big boost for the concept of “Technology Valley’ – where science, technology and high value manufacturing drive economic growth, new jobs and higher wages for Hutt residents

Through the Business Growth Agenda, the National-led government is backing the Hutt’s science and technology focus, through programmes such as:

· Record investments in science and innovation - the Government’s total investment in science will amount to almost $1.5 billion in 2015/16 – a 70 percent increase in eight years

· New tax rules to encourage research and development

· The “Unlocking Curious Minds” fund which aims to get young students thinking and talking about science (launched at Boulcott School last year)

· Increased investment in engineering places, and promotion of engineering through the Education to Employment initiative

· Supporting the new engineering school at the WelTec Campus

· Funding a new ICT Graduate School in Wellington

ENDS

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