Acting Economic Development Minister David Carter today reconfirmed government support for Emirates Team New Zealand’s entry into the 2013 America’s Cup in San Francisco.
Under a commitment made in 2007 by the previous government, the National-led Government is contracted to contribute up to $36 million to support Team New Zealand’s America’s Cup bid.
"The funding has the potential to generate significant economic benefits for New Zealand, in particular for our world-class marine industry," says Mr Carter.
"With the eyes of the world on San Francisco in 2013, we will use the America’s Cup to our full advantage by showcasing New Zealand’s technology, products and services, and encouraging tourism.
"In the current economic climate, it is important that maximum benefit is gained from this significant investment of taxpayer money, and the Government’s expectations in this regard are clear."
An independent economic impact assessment of the 2007 campaign showed a direct economic benefit to New Zealand of $74.4m. The funding also retains up to 100 highly skilled specialists in New Zealand, including yachtsmen, designers and engineers.
"New Zealand is renowned for its skills in building high-quality, innovative marine equipment. Every time we compete internationally, we are showcasing the expertise of our marine industry," says Mr Carter.
Emirates Team New Zealand has welcomed the Government’s reconfirmation of support.
"The Government’s contribution allows us to be competitive on the world stage," says Emirates Team New Zealand CEO Grant Dalton.
"We are very much the arrowhead of a major New Zealand export industry and we take pride in showcasing the New Zealand brand, skills and expertise across the major yachting regattas of the world. The pinnacle for us will be to bring the America’s Cup home and with New Zealand’s support behind us, we plan to do just that."