Queensland Government Funding for Product Development
Matching grant under ‘Growing Queensland’s Food Exports’ program
3-year program to develop new preservative free ginger products for Chinese market
Buderim Group Limited (BUG:ASX, ‘Buderim’) welcomes the announcement from Queensland’s Minister for Agricultural Industry Development and Fisheries that Buderim has been successful in attracting matching grant funding for development of new export oriented products. The terms of the 3-year grant program are confidential but the Company’s contribution will be approximately 1.5 times that of the Government.
Buderim Chief Executive officer, Andrew Bond said: “This is a really positive development for Buderim. There is a great demand for food products out of Australia given our ‘clean and green’ reputation.
“Given that product development is quite costly, taking into account the market testing, the product design and determining the most effective routes to market, this grant will enable us to fast-track development of new preservative free products with identified market potential.
“These new products will be in addition to established favourites such as naked ginger and ginger beverages that we already export to China directly and through various forms of cross border e-commerce.
“We thank the Queensland government for its vision and willingness to support this export development program,” Mr Bond said.
The Queensland government announcement is attached for reference.
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