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National interest criteria for foreign investment

Hon Jim Anderton
Deputy Prime Minister

News Release

15th May 2000

National interest criteria for foreign investment needed

Deputy Prime Minister Jim Anderton has renewed his calls for national interest criteria on foreign investment after the announcement today that CanWest is looking to buy 100% of Radio Works.

"The sale of Radio Works to foreign buyer CanWest would mean that 90% of the New Zealand radio market would be controlled by foreign interests," Deputy Prime Minister Jim Anderton said

"Two companies would own 90% of our radio market. Including TV3 and TV4, CanWest owns a significant proportion of our broadcast media.

"I am not criticising CanWest particularly but how can it be in New Zealand's interest for almost all of our media to be foreign owned.

"New Zealand needs stronger rules concerning foreign investment.

"This national interest criteria should protect New Zealand's cultural assets.
Proposed foreign investments would have to create jobs, introduce new technology and not harm the environment or further worsen the current account deficit.

"TVNZ is the only significant broadcaster left in public hands. There are very few other countries that allow open slather foreign ownership of their broadcast media," Jim Anderton said.

ENDS



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