18 October 2012

National waves goodbye to F&P

Fisher and Paykel appears destined to be sold offshore while the National Government passively waves goodbye, which is a blow to innovation and skilled jobs in this country, says Labour’s Economic Development spokesperson David Cunliffe.

“The threat of an overseas takeover of Fisher and Paykel is now very real and the likelihood of excellent skilled jobs going overseas is worryingly high.

“Fisher and Paykel is a Kiwi innovation icon. It is the sort of company we need more of in New Zealand, not less. But National is just waving it goodbye.

“The implications of its sale to New Zealand are too important leave the takeover approval to officials. Such a major decision must be made by Ministers. That’s Labour’s policy.

“If Fisher and Paykel is sold it will be the latest in a long line of sell-offs, which has seen over 30 high-tech companies go offshore in the past decade. That means a lot of quality, skilled jobs are disappearing.

“Labour is proposing a package of measures to keep companies like Fisher and Paykel in New Zealand. These are universal KiwiSaver to increase investment, pro-growth tax reform to direct that money into innovative companies, export assistance for smart young Kiwi companies, research and development tax credits, incentive to upgrade technology, and active partnerships with regions and industry sectors to create sustainable growth.

“Labour wants to keep important high-tech companies in New Zealand and will work to make that happen. National stands around with its head in the sand. That’s just ostrich economics and it won’t protect Kiwi companies and jobs.

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