For Wellington, the day initiated with an announcement of a plan to revolutionize New Zealand's red meat industry.

As per the announcement a $151 million project would be introduced in a bid to improve New Zealand's red meat industry. Besides, the project aims to facilitate net economic advantages of more than $500 million.

A seven year program unleashed by meat processor Silver Fern Farms based in Dunedin, state operated corporate farmer Landcorp and rural services and supplies Company PGG Wrightson in front of the Ministry of Agriculture and Forestry (MAF), outlined red meat consumers to be the first priority, focusing on the need to develop the products they need.

Presently, the red meat model is hampered and requires immediate attention, Silver Fern Farms Chairman Eion Garden posted at a press conference held today morning.

The project is cited to serve as a significant development podium for New Zealand's red meat sector, as it would pose a direct positive effect on its growth and development.

Moreover, the project partially seeks to divert farmers towards consumer preferences, besides emphasizing on developing and standardizing on-farm productivity.

The joint-venture program is reported to be managed via a new Company called FarmIQ Systems. In addition, to the firms, the Government also has its interests in the project.