Letter To Minister Of Finance Re Roger Award & OIA Review

12 March 2004

Minister of Finance

Parliament Buildings

Wellington

OVERSEAS INVESTMENT ACT REVIEW

Dear Dr Cullen,

I enclose the Judges’ Report for the 2003 Roger Award for the Worst Transnational Corporation Operating in Aotearoa/New Zealand.

We believe that, in light of the Government’s current review of the Overseas Investment Act and the entire foreign investment regime, this Report (plus its predecessors, which can be accessed online at www.cafca.org.nz) should be essential reading for all Ministers and officials involved in the review. It shows exactly the calibre of the transnational corporations attracted to New Zealand by our laissez faire foreign investment regime.

If more official attention was paid to the reality of foreign investment in this country, rather than to Economics 1 textbook theories, then the Government’s review could only result in a significant tightening up of that regime.

Following the announcement of the winner (for the first time ever, a Japanese TNC), I was rung by the Japanese Embassy and asked a number of questions about the Roger Award. One was: "Does the Overseas Investment Commission take the Roger Award into account when considering applications from foreign investors?". We believe that it should be mandatory for the OIC to do so, and urge that you, as Minister in charge of the OIC, issue written instructions to that effect. Please be sure to supply us a copy when you do so.

Yours sincerely,

Murray Horton

Secretary/Organiser

CAFCA Campaign Against Foreign Control of Aotearoa Box 2258, Christchurch, New Zealand cafca@chch.planet.org.nz www.cafca.org.nz

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