A major aquaculture settlement between the Crown and Te Moana-a-Toi iwi that will deliver significant growth and opportunity to the Bay of Plenty has been celebrated this week.

Oceans and Fisheries Minister Shane Jones, pictured right with Whakatōhea’s Robert Edwards and iwi representatives, attended a ceremony in Tauranga on Monday for the settlement agreement that was signed in February under the Māori Commercial Aquaculture Claims Settlement Act 2004.

“This important milestone delivers on the Crown’s settlement obligations, supports aquaculture development in the region, and ensures iwi take a leading role in the resulting workforce development and economic growth,” Jones said.

“The Bay of Plenty has the potential to grow its position as an important contributor to the success of our aquaculture sector.”

The Crown and 12 Te Moana-a-Toi iwi aquaculture organisations agreed to a package of assets representing 5000ha of new aquaculture space.

The Bay of Plenty is home to New Zealand’s open ocean mussel farming, which has been identified as having the potential to reach an annual revenue of $200 million by 2035.

“Achieving this will have major benefits for the Bay of Plenty, generating export dollars and stable jobs that strengthen local communities,” Jones said.

“I understand iwi in the region are planning to work collectively to develop the new aquaculture space, which will provide significant economic benefits to the region as a whole.”