"Bringing more highly skilled researchers and academics to the area can only be a good thing, so long as there are commercial outcomes on the back of it."
The challenge was to make sure the innovation coming out of the Bay was relevant in a global market as well as nationally, he said.
Part of the $94.4 million to support regional economic development would also include funding for the Regional Growth Programme and the Regional Business Partners Programme.
Science and innovation:
- $410.5 million for science and innovation, taking the Government's annual science investment to $1.6 billion by 2020.
- $256.5 million for more tertiary education and apprenticeship programmes, particularly in the areas of science, engineering and agriculture.
- $94.4 million to support regional economic development with initiatives to unlock business opportunities and benefit regional communities.