New Zealand must not Deter Foreign Investment

Media Release
24 July 2009

New Zealand must not Deter Foreign Investment

The Wellington Regional Chamber of Commerce has welcomed new overseas investment rules which will make it easier for New Zealand to attract foreign investment.

“Foreign investment is beneficial because it gives our companies access to a larger pool of investment funds, and also because it is often accompanied by access to new technology and links to global marketing and distribution systems,” said Chamber President Jo Bransgrove.

“It is particularly important at this time of scarce capital that local businesses are able to attract global funds.

“We also support the government reforming the strategic asset test which has hitherto deterred investment because of the uncertainty it creates.

“The Chamber was very critical of the government changing the rules half way through the offer of Canadian Pension Plan to shareholders in Auckland International Airport. The changes must prevent this sort of debacle happening again.

“It is essential that New Zealand does not send signals to the rest of the world that we are anti-foreign investment,” concluded Ms Bransgrove.

ENDS

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