Regional economic development a key part of the government’s strategy

The Parliamentary Under-Secretary for Regional Economic Development, Fletcher Tabuteau, spoke about the launch of the Provincial Growth Fund (PGF) at a Waikato Regional Economic Development Agency (Waikato REDA) event.

The event, hosted by Labour MP Jamie Strange on Monday, was held at Waikato University with more than 100 people in attendance. 

Tabuteau said the new fund had a strong focus on the regions. 

“Regional economic development is a key part of the government’s strategy.

“We’re not going around trying to tell the regions what to do. We’ve got the money, now we have to figure out how we see best to spend it to improve this community,” he said.

Last month the Government committed to investing $3 billion over three years in regional economic development through the PGF.

The PGF aims to lift productivity in the provinces. Its priorities are to enhance economic development opportunities, create sustainable jobs, enable Māori to reach full potential, boost social inclusion and participation, build resilient communities, and help meet New Zealand’s climate change targets.

But, Tabuteau said, it’s not $3billion being given away as there was an application system put it place and the government hoped to work closely with each region to decide where it would be best spent. Managed risk would help get the acceleration that was needed in the regions, and the growth fund would consider innovative funding concepts, not just grants, he said.

Other regions in New Zealand had long-established economic development agencies, and Tabuteau said the late-August summit in the Waikato had great potential to push the region ahead through innovative ideas, and collaborating in projects that resonate at regional and national level. He looked forward to seeing integrated planning from the Waikato.

“We welcome ideas, both economic and social. The Waikato region has many prime opportunities; excellent tertiary education institutes, the Waikato Innovation Park, agriculture, food and beverages and many others.

“The establishment of the Waikato REDA will help bring together good ideas that might result in potential applications,” he said.

Tabuteau said he was hoping to start discussion around potential ideas and applicants at the up-coming invitation-only Waikato REDA Summit which will take place over two days on August 30 to 31. 

“The summit will bring together key people in this environment and that will mean real change for the region. I will be in attendance, as will Regional Economic Development Minister Shane Jones,” Tabuteau said.

Tabuteau said the main thing the Government wanted to do was work with the regions to help them grow.

“The heartland of New Zealand is our small communities, our regions. We need to work out how to make it economically feasible to draw people into these places, where $80k a year will buy them a home and mean they can afford to get to the doctor and all the rest. That’s the challenge and it will be the measure,” he said.

Waikato REDA Establishment Board Chair Dallas Fisher said the agency was happy to take up that challenge. 

“An economic development agency for the Waikato has been some time in the making, but we are more than ready to help move the needle in our communities and deliver well-being for all through economic development.”

Fisher said the end-August summit would discuss and refine major economic development initiatives for the Waikato region in the years ahead.

“I thank Fletcher Tabuteau for visiting us to discuss the Provincial Growth Fund and I look forward to hosting him and other key people at our summit which is a major milestone for our region.”

For more information about Waikato REDA, visit: https://waikatoreda.wipltd.co.nz/.