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Vote Of No Confidence By Foreign Investors

24 May 2002

Overseas Investment Commission data today shows the lowest level of foreign investment in New Zealand since 1993. This should be of serious concern to everyone, says National's Finance spokesperson David Carter.

"This is not indicative of an economy poised to move back into the top half of the OECD. No matter how Dr Cullen tries to spin it, New Zealand is simply off the radar screen of investors.

"How can we expect to attract real investment to New Zealand when the economy is shackled by excessive regulation such as the RMA and the highest corporate tax rate in the Asia Pacific region.

"In order to attract foreign investment, New Zealand needs to have a business environment better than anywhere else in the world. This means dealing to regulation, compliance costs and high tax rates.

"This is the only path for greater foreign investment, high growth and a return to the top half of the OECD," says Mr Carter.

Ends

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