That is a spend of $13.1 million for the year to next May 31, chairman Murray King told shareholders at the annual meeting in Hamilton.
The New Zealand primary sector’s research and development spend averages about 1%, he said.
The ambitious spend will drive sustainable growth and profitability and deliver more value to farmer shareholders.
LIC had brought in a pasture management system, SPACE, which uses satellite technology to estimate a farm’s pasture cover, with good take-up by farmers.
Updates will soon be added to remove distortions caused by shadow and cloud and the system will be expanded into new areas.
Developments in genomic selection mean the group will be able to give farmers earlier access to elite new genetics, King said.
LIC had also received Endeavour Fund money for a project applying genomic technologies to breed healthier, more efficient dairy cattle that can deliver significant productivity and environmental gains.
