Agriculture Minister Damien O'Connor has announced today that Venture Taranaki/Te Puna Umanga will receive a $975,000 boost to progress its Branching Out project to commercialise food and fibre diversification opportunities identified by the Regional Development Agency.

Branching Out is one answer to environmental concerns and changing consumer demands that pose significant challenges while offering significant opportunities to the food and fibre sector in Taranaki and New Zealand.

Venture Taranaki, Director, Sector Partnerships, Anne Probert, is elated the region has secured resourcing through the Ministry for Primary Industries Sustainable Food and Fibre Futures fund (SFF Futures) and a multitude of programme partners to progress Branching Out.

Venture Taranaki can now build on the significant work that has been undertaken to date, including the robust research which resulted in the launch 10 food and fibre investor-ready blueprints in July this year.

"The project's second phase will focus on ventures including hemp fibre, medicinal ingredients, indigenous ingredients, hops, gin botanicals, and high-value food crops. An important aspect at this project stage is ensuring the opportunities are appropriately de-risked to incentivise investment and ensure uptake from the sector," explains Anne.

"We will now give life to the opportunities by taking the ideas from paper to tangible, on-the-ground initiatives, including growing and product development pilots, audits of manufacturing and processing capability required in-region, and assessments of the long-term environmental and social impacts of diversification."

The funding boost signals that local and central government and regional partners see the huge potential the project presents for Taranaki and New Zealand's food and fibre sector by adding to Aotearoa's export earnings and job creation over the next decade.

"We're in this for the long-term to ensure a thriving and resilient regional economy. Taranaki is a leading food and fibre region with untapped potential, and through Branching Out's activities, we aim to create 50 new jobs, plant 650 hectares of novel crops, develop new enterprises, and attract $8 million of new revenue or investment to our region by 2025," says Anne.

The funding announcement allows Branching Out, over the next three years, to specifically test the venture's viability and their value and potential for export.

Michelle Bauer, Branching Out Project Lead, explains, "In phase two, we will continue to take a full value chain approach to the new ventures we're progressing and develop industry strategies for each opportunity, delivering clear models for the investment required to help provide these new industries a clear path to success in Taranaki."

"Another key piece to guarantee success in the next stage of Branching Out is facilitating further engagement with landowners, investors, food and fibre value chain entrepreneurs, iwi and other key stakeholders," concludes Michelle.

ADDITIONAL INFORMATION

Branching Out is a long-term strategic project for Taranaki, developed from Tapuae Roa and aligns with the Taranaki 2050 Roadmap, the region's strategic vision for a low-emissions future.

Since 2020 the Branching Out project has identified, investigated, and validated diversification opportunities and high-value food and fibre ventures for the region to ensure the long-term sustainability and resilience of the food and fibre sector and the communities it supports.

The most promising ventures identified have resulted in a series of informative investor-ready blueprints, commissioned and published by Venture Taranaki they officially launched in July 2022. The blueprints have been downloaded over 2,000 times.

Branching Out has secured $2.17 million to deliver the project's second phase over the next three years. Funding comes from MPI's SFF Futures fund ($975,000). Also, from local funders including, Toi Foundation, LA Alexander Trust, AGMARDT, the region's four local councils - New Plymouth District Council, South Taranaki District Council, Stratford District Council, and the Taranaki Regional Council, and in-kind support from industry partners, growers, and research institutes. For

more information and to download the investor-ready blueprints

visit -

venture.org.nz/projects/branching-out/

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