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Foreign Ownership Makes BoP Deficit Worse

The Green Party says New Zealand's Balance of Payments deficit will only get worse if the government continues to encourage foreign investment in our country.

The comment follows today's Statistics New Zealand announcement that the current account deficit for the December 2000 quarter has increased by $342 million, with profits from foreign-owned companies in New Zealand rising by $411 million.

"The more our country is sold off overseas the worse off we will be," said Green Co-Leader Rod Donald.

"Our farmers and other exporters are doing their best to increase exports but the goods surplus of $320 million was wiped out by the profits we owe foreigners.

"At the same time returns from New Zealand investments overseas slumped by $134 million, exposing the falacy promoted by the government that an open investment regime will have a net benefit for New Zealand.

"Kiwis are working harder than ever, only to see the fruits of their labour disappear overseas," he said.

"Worst of all, their jobs are disappearing too as foreign owned companies, such as the Singaporean owned DB Group which has just closed down the Monteiths brewery, put profits ahead of local staff and the community.

"It's time we took charge of our economic destiny and invested in New Zealand enterprises. Let's learn from our mistakes and start buying back New Zealand before it's too late," said Mr Donald.

Ends




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