The latest round of Primary Growth Partnership (PGP) funding has been spread across forestry, merino wool and arable farming organisations.
Agriculture and Forestry Minister David Carter said today $20 million would be split between the New Zealand Forest Owners Association, the Foundation for Arable Research and the New Zealand Merino Company (NZMC) reports The ODT.
At slightly over $15m, NZMC will get the lion's share of the funding, and with their own funding input included, the three government-industry partnerships will be worth over $45m.
The government funds will be received over five to seven years and Carter said the economic spin-offs could amount to billions of dollars "if the proposals' scientific and market research and product development are brought to fruition".
"These proposals are of a very high quality, and stand to deliver enormous returns on investment," he said.
"When the PGP was launched in September last year, the aim was to transform great ideas into research, development, and ultimately products, jobs and growth."
"Since then, industry participants have been working hard at refining business plans to provide evidence of how their proposals will add significant value to the New Zealand economy."
Seven other organisations have to date gained funding under the PGP, which was set up after a $190m commitment from the Government in last year's budget.
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