$27.4 Government Funding Announcement

$27.4 Government Funding Announcement


Today’s announcement from the Government that Rotorua will receive $27.4 million dollars from the Provincial Growth Fund is another sign of the region’s thriving investment and business economies.
 
The $27.4m cash injection will support the Lakefront development and Whakarewarewa Forest projects, alongside funding from Rotorua Lakes Council. A recently completed economic impact analysis report suggests that these two projects could create more than 600 jobs and spark $370m in private investments.
 
Chief Executive of Rotorua Economic Development, Michelle Templer said:
 
“These two projects are great examples of how central government, local government, iwi and private investors working together can unlock economic opportunities for local businesses. The growing confidence in Rotorua’s economy is evident in the number of recent announcements relating to new and developing ventures in accommodation, hospitality, spa and wellness, and activities and attractions.
 
“Our role at RED is to continue to attract that investment and help businesses nurture and develop the talent they need to support that growth.”
 
Both the forest and the lakefront are key destinations for visitors to the region, so these development projects will support the continued growth of the tourism industry, which is Rotorua’s number one employer. Tourism spend accounts for 9% of GDP in the region, compared to 3.84% nationally.
 
Michelle Templer adds: “Already about 3.5 million people visit Rotorua each year to experience what is on offer.  But there’s always more we can do to ensure that tourists visit more, stay longer and tell others about their experience. This investment will help unlock Rotorua’s full potential as a world-class tourist destination. “