Priority One, the Western Bay of Plenty’s regional economic development organisation, is calling on central government to lead discussions with local decision-makers and business leaders to develop a joined-up strategy to strengthen the base of the Golden Triangle.
Waikato and Western Bay of Plenty regions need coordinated investment strategies alongside government, focussed onto driving our export economies, which are critical to New Zealand’s future wellbeing.
In a paper released today by Priority One and Te Waka, the economic development agency for the Waikato, the organisations outline how New Zealand’s fastest-growing regions can jointly lead the nation’s transition to a more sustainable, innovative, and productive economy through strategic inter-regional collaboration.
Priority One CEO Nigel Tutt says that the Waikato and Western Bay of Plenty are growth engines with significant untapped potential.
“As export-led economies with strong logistics connections, complementary industries such as high-value manufacturing, energy and decarbonisation, infrastructure and life science, and comparative advantages, we have a real opportunity to accelerate economic development,” he says.
With targeted policy settings, these regions can collaborate effectively to attract investment and talent, drive innovation and export growth, and boost productivity.
Priority One advocates for central government to collaborate closely with regional and business leaders to design and implement policies based on the paper’s recommendations.
Fiona Carrick, CEO of Te Waka, emphasises the strategic significance of the regions, highlighting that Hamilton and Tauranga form two-thirds of the ‘Golden Triangle,’ which drives 42% of New Zealand’s freight and accounts for 50% of the national population and GDP.
“We need a coordinated approach across the combined region to capitalise on the symbiotic relationship between the region’s economies, however, achieving this goal will require commitment at local, regional, and national levels,” she says.
The combined regions have experienced a 49% population increase since 2000, with Hamilton and Tauranga consistently among the fastest-growing cities in New Zealand. This growth is paralleled by GDP increases, with the Waikato seeing a 77% rise and the Western Bay of Plenty experiencing a 132% increase over the same period.
Both regions are confronted with challenges related to productivity, youth outcomes, and transport connectivity. Addressing these challenges could unlock substantial economic growth and improve overall well-being.
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