Christchurch high-tech businesses get $1.8m cash injection

The government is to invest $1.8 million in Christchurch over the next three years to support the development of a high-tech business hub, the Minister for Economic Development, Steven Joyce, has announced.

The Ministry of Science and Innovation and New Zealand Trade and Enterprise will work together with the Christchurch City Council and the private sector to establish the Enterprise Precinct and Innovation Campus (EPIC) on the corner of Tuam and Manchester Streets.

"This Government wants to ensure Christchurch remains an attractive place for the high-tech sector and the people working there," Joyce said. "This is part of our wider support package for businesses that have been affected by the earthquake, and is a great example of a public-private partnership to encourage growth opportunities for Christchurch."

EPIC will give 16 high-tech Christchurch businesses a much needed home base following the earthquakes that devastated parts of the city in 2010 and 2011.

The council has provided the land rent-free for five years, while the Bank of New Zealand will support and finance the project. It will be underwritten by the Canterbury Business Recovery Trust.