Taranaki – a region with a bright future

Taranaki – a region with a bright future

In our ever-changing world, there is no better place to do business right now than in Taranaki. Ours is a region of unlimited potential, a place where the power of its varied industries, enterprises and natural resources is matched by the energy of the innovative, entrepreneurial, and passionate people who make it successful. Taranaki is well positioned to make a swift and inclusive recovery from the economic effects of COVID-19.

The region has long been a vital contributor to New Zealand’s economic wellbeing, forged on a buoyant food industry and a prosperous energy and production sector. Both have taken Taranaki to the world. With the advent of COVID-19, that world has now changed but Taranaki’s strong foundations in food, agriculture, engineering, energy, IT, logistics, hospitality, manufacturing, and the visitor industry, coupled with a can-do attitude ‘like no other’ will ensure the region not only recovers but lays the foundation for an even stronger and better future.

A clear economic blueprint for the regional economy for the near-term has been developed by Taranaki’s councils and leading enterprise, iwi and community representatives. Tapuae Roa: The Taranaki Regional Economic Development Strategy looks to improve the resilience and strength of the regional economy and help Taranaki retain its position as one of New Zealand’s leading regions. Beyond this, the Taranaki 2050 Roadmap sets out a longer-term vision for the region in a low-emissions economic future. The 2050 Roadmap establishes tangible, real-world opportunities that will exist for enterprise, investors and the community in a low-emissions economy.

As a response to COVID-19, a regional recovery plan was created. This centralises the regional response, and integrates key actions from Tapuae Roa and Taranaki 2050 to identify the actions the region will take to achieve regional growth and development under the new economic conditions, including a commitment to social procurement to ensure investment strengthens the region as a whole.

New initiatives are already underway in Taranaki. Hydrogen, smart grids, and a range of renewable energy technologies are being investigated and implemented. Investments are being made in providing high-value premium food and fibre products. The number of visitors to the region had almost doubled in the past decade, prior to COVID-19, as a result of infrastructure development, enterprise start-ups, and increased awareness of the region as a unique and compelling visitor destination.

Like all good businesses, Taranaki has a plan and is delivering it.

 

COVID-19 impacts on Taranaki economy and tactical recovery plan

The COVID-19 pandemic has impacted economies all around the world, and although Taranaki is not immune, the
region’s ambitious and aspirational recovery plan not only looks to the region’s resilience but also an economic
‘return to better’. The regional plan is expected to be available in July. An Infometrics report on the ecomonic impacts of COVID-19 on the Taranaki economy can be viewed here

The Numbers

117,561 People

Estimated resident population 2018

$7.7B GDP

(year to March 2018)

59,030 Filled jobs

(2018, up 1.1% since 2017)

$428M Tourism

(annual tourism spend, year to January 2020)

More reasons to invest in Taranaki

Opportunity abounds

The New Zealand Government is investing in the region’s long-term vision through a number of key projects, including Ara Ake (previously known as the National New Energy Development Centre), a major upgrade to the region’s hospital, roading infrastructure enhancements, and the development of the Taranaki Crossing, a significant visitor offering. At a regional level, local government has invested in a contemporary new airport terminal to better service the region’s accessibility.

Global expectation for greater sustainability practices, social procurement, low-emission, green or renewable energy solutions, and regenerative, low-carbon footprint food and drink production are helping to shape Taranaki’s direction and growth.

Visitors looking for authenticity and a connection to culture, history and people through immersive natural experiences are shaping the region’s story. Those looking to invest, whether through calling Taranaki home or establishing a commercial presence, are helping to define its future. Digital connectivity and the ability to conduct business globally with a click of a mouse are cementing its desirability as a lifestyle choice. Taranaki has huge potential in this new environment.

Things are happening in Taranaki