Economic transformation - the kiwi way

A strategy for securing New Zealand’s future prosperity and forging a unique New Zealand national economic identity was released by Economic Development Minister Trevor Mallard today.

"Transforming the economy is not a one-off process and it requires ongoing work as we respond to the constantly emerging new global challenges. The Cabinet papers I am releasing today outline what economic transformation is, and why we need it. Perhaps most importantly they also include an indicative detailed action plan for how we can secure New Zealand’s future prosperity," said Trevor Mallard.

"This plan, comprising around 50 different initiatives so far, is not the end of the story and will be added to and enhanced as work programmes are developed and completed."

Trevor Mallard also called on business to play its part.

"To a large extent the challenge is for business to seize - businesses will need to drive the innovation and internationalisation that must take place to grow our economy, and businesses, with government support, must take this responsibility on board.

"The aim of the economic transformation agenda is to raise living standards for all Kiwis. To do so we need to carve out a New Zealand approach that will give us a New Zealand economy that is more productive, innovative and export-led - one that plays to our strengths and delivers high-value products and services for businesses and consumers around the world.

"This means we need to continue to forge a unique national economic identity with policies and programmes that are tailored to what is uniquely New Zealand and uniquely kiwi - our environment, our isolation from key markets, our small size, our natural strengths and resources, our talents in innovation, our kiwi-can-do attitude," Trevor Mallard said.

The papers outline a cross-government approach that would see the public sector undertaking work around five economic transformation themes: Growing globally competitive firms, developing world-class infrastructure, developing innovative and productive workplaces, making Auckland an internationally competitive city and enhancing environmental sustainability.

Key areas of current and future work include: Improving the business environment and national innovation system Internationalising business through exports and investment offshore Reviewing business tax and regulatory frameworks Improving linkages between firms, Crown Research Institutes and Tertiary Education Institutes Improving capital markets, savings and investment Developing affordable, high-speed ICT infrastructure Securing the supply of the country’s gas and electricity Investing in transport infrastructure Increasing foundation skills, workplace management and leadership skills Up-skilling the workforce and supporting top talent Developing an agreed vision and plan for Auckland, including creating a legacy from the Rugby World Cup 2011 Investing in Auckland’s infrastructure, labour market and environment Addressing climate change, sustainable water and sustainable land management issues.

This press statement accompanies a speech by Trevor Mallard to the Wellington Chamber of Commerce, available on www.beehive.govt.nz/mallard

The release of the two Cabinet papers on economic transformation are accompanied by the release of the review of business assistance programmes and a series of evaluations of individual programmes.

The two economic transformation Cabinet papers are available on http://www.med.govt.nz/economic-transformation/overview/

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