It brings together the Government's economic transformation and sustainability themes, and aims to boost the living standards of all New Zealanders.

The Government will make a capital investment of $700 million over 10-15 years. Industries and businesses in the pastoral and food sectors will also substantially increase their spending on innovation (beyond "business-as-usual" investments), aiming overall to match the level of Government's investment.

A statement explained: "New Zealand Fast Forward provides the opportunity to marshal complementary public and private investment to leverage the comparative advantage of New Zealand's largest sector and our natural resource base. At the same time, it will generate spill over benefits that will enhance the growth of many of our other sectors.

"It will help to connect NZ producers and manufacturers with both the demands of global markets and the scientists and researchers who can help develop solutions, to give New Zealand the best chance of using our strengths and resources to be world class and globally successful."

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