The Government has announced a $600,000 contestable fund for the aquaculture industry.
The fund is designed to encourage innovative market development projects for the industry, which in 2007 had exports worth $227 million.
Companies that secure funding will be required to match it dollar for dollar.
Economic Development Minister Gerry Brownlee says the fund will support high-quality projects that have the scope and scale to improve profitability and competitiveness in the sector.
Mr Brownlee says by focusing on projects with a total cost of $100,000 or more, the fund will further enhance marketing initiatives that have potential to drive industry growth over the medium to long term.
He expects the fund to be hotly contested, saying the ultimate goal is an aquaculture sales target of $1 billion by 2025.
Aquaculture New Zealand says the fund will encourage companies to undertake campaigns they probably would not have been able to do without it.
Chief executive Mike Burrell says the money will be invaluable and several companies are already expressing interest.
