High-Tech Growth Paying Dividends
Anyone who knows me is in no doubt about my passion for technology and innovation. It's a field I've worked in for many years and I get enormous pleasure from seeing Kiwi companies -- especially those in and around Wellington -- succeed.
This country has some fantastically innovative firms that are taking on the world – and we want to see more of them.
Since National was elected to lead the Government seven years ago, it's increased the government science spend by 70 per cent to $1.5 billion a year. We've established Callaghan Innovation, a high-tech HQ to help Kiwi businesses get their ideas out of the lab and into the marketplace faster. Through Callaghan Innovation grants, we’re encouraging companies to invest more in research and development.
It's cheering to see that this approach is paying dividends. The latest report on New Zealand’s top 200 high-tech companies shows an impressive growth story -- one that's helping to rapidly diversify the economy.
These companies grew to nearly $9 billion in annual revenue last year – that is a $600 million, or 7.3 per cent, increase in just 12 months. Export revenues are up to an all-time high of $6.5 billion.