22 March 2005

Bio Commerce key for economic growth

Links between science and business will be crucial drivers of New Zealand's future economic success, Research, Science and Technology Minister Steve Maharey said today.

Speaking at the opening of the new Bio Commerce Centre in Palmerston North, Steve Maharey said that New Zealand's strong research sector will be an increasingly important asset to businesses seeking an innovative edge.

"Technological innovation has always spurred economic progress, but today the links between science and business need to be stronger than ever," Steve Maharey said. "Businesses must stay ahead of the curve by developing strong relationships with research institutes and universities."

The new Bio Commerce Centre will facilitate networking between researchers, businesses and industry groups. It will also help these groups explore potential research initiatives and develop ways to commercialise research findings and new technology.

The Centre has been established as a regional development initiative between Industry New Zealand, Palmerston North City Council and Massey University. It will build on the strong agricultural and biotech research base already present in the Manawatu.

"The Palmerston North region already accounts for 4 per cent of New Zealand's core bio technology sector.

"With the advent of the Bio Commerce Centre the region is now placed to see its share of biotechnology companies rise to reflect its contribution to biotech research. That's good news for the Palmerston North region and good news for the New Zealand research community."

ENDS

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