The government has launched an $850,000  contestable fund for the red meat sector.

Acting economic development minister, David Carter, says the Red Meat Market Development Contestable Fund is a joint initiative between New Zealand Trade and Enterprise and Beef and Lamb.

Minister Carter says red meat generated $5 billion in export revenues last year and that he believes a more concerted industry approach could really boost that figure.

Federated Farmers meat and fibre spokesman, Bruce Wills, says while the fund is not a huge amount of money the government has found as much as it can to fund an important initiative during tough economic times.

 “We see it as a turning key, as a catalyst to kick start some new bright ideas some new thinking in the fields of R&D and innovation in the red meat sector.

“I think for that reason, sometimes these outfits don’t need an awful lot of money to just to bring an idea to light and upset the light of day.

“So my hope is that although not a big sum of money it will bring forward some exciting new ideas for the red meat sector.

However, those wanting to apply for the contestable funding must get in quick, applications close May 20.

The Government is also due to release its Red Meat Sector Strategy Report next week.