The Government in July launched a new approach to industry policy,aimed at growing more innovative industries in New Zealand and lifting the productivity of our key sectors.
The rationale was that New Zealand has a strong economic foundation but productivity has continued to fall behind our main competitors.
To take advantage of the opportunities of the technological revolution the Government announced Industry Transformation Plans would be developed for key sectors.
Industry Transformation Plans were to be sector-led and government-supported, involving partnership between government and the private sector.
The Government is committed to working with its partners to grow more innovative industries. Boosting productivity, including redirecting investment towards more productive sectors, is crucial if New Zealand is to lift the standard of living of all Kiwis, and this will be a key initiative for achieving this.
The initial priority sectors for developing Industry Transformation Plans are agritech, digital technologies, food and beverage, and forestry and wood processing. Over time, this could be expanded into other areas such as creative industries, tourism, aerospace, health technologies and renewable energy.
The fellow in charge, ministerially, is Phil Twyford, who took over from David Parker as Minister of Economic Development during a cabinet reshuffle in June. Continue reading “Another reason for providing more housing: innovation (an impressive amount of it, anyway) begins at home”