Tony Ryall National Economic Development Spokesperson

18 October 2001

Overseas investment vital to development

"New Zealand needs to build a national consensus in favour of attracting overseas investment into the country," National's Economic Development Spokesman Tony Ryall said today.

"Overseas investors want to feel their contribution will be welcomed and respected. The unmasked hostility of many of those in the governing parties towards overseas investment works against New Zealand's best interests," Mr Ryall said.

Mr Ryall was commenting in light of Overseas Investment Commission data showing overseas investment applications are at their lowest level for two and a half years.

"Any workable strategy for economic development needs to recognise the importance of overseas investment, particularly for regional New Zealand. This country does not have the capital to fund its many development opportunities, and that's why we have to encourage overseas investors to assist us," Mr Ryall said.

Ends

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