16 June 2005

Media Release

Business Immigration Rule Change Will Help Complete Auckland Roading Network

The Government’s changes to the Investor Category immigration rules will attract strongly committed investors, says Auckland Chamber of Commerce chief executive Michael Barnett.

“By doubling the amount of investment required to $2 million and lowering the eligibility age to under 54, it is likely that only truly committed business investors will be attracted,” said Mr Barnett.

“Potentially around $1 billion will become available for investment directly into roading infrastructure, with the majority likely to be available to help speed up delivery of Auckland’s agreed network projects.

“This is far better than investor money going into bank accounts, and models a successful programme in Canada’s British Columbia Province where comprehensive roading infrastructure had been built as a result of investment by business immigrants,” he suggested

Mr Barnett said that overseas schemes suggested that business immigrants were enthusiastic about investing their money in the country they were settling in. It gives them a stake in the country, and it will help optimize the roading network they will make use of in doing business here.”

Mr Barnett welcomed the announcement, noting that 3 years ago the Auckland Chamber of Commerce had made a submission to Government seeking a change to business immigration regulations to provide for investment in roading infrastructure. Some 450 business immigrants met the category last year, he noted.

“It is a pity these decisions take so long to emerge from the bureaucracy,” he concluded.

ENDS

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