Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Joyce Calls For Foreign Investment But Companies Pulling Out

Spokesperson for Finance

8 February 2013 MEDIA STATEMENT
Joyce Calls For Foreign Investment But Overseas Companies Pulling Out

Steven Joyce says more foreign direct investment will cure unemployment but foreign companies such as the Summit owners and Norse Skog are pulling out because they can't make a buck, says Labour’s Finance spokesperson David Parker.

“Steven Joyce says foreign direct investment will create jobs but he’s ignoring the facts. Foreign companies aren’t investing; they’re pulling out. National’s economic settings and the high exchange rate mean they can’t make a dollar. That’s the facts.

“The list is long and increasing. Norske Skog. Petrobras. Mainzeal. Rio Tinto, threatening to pull out. Summit’s owners Sumitomo.

“Under National’s economy it’s nigh-impossible for overseas or local companies to make money. New Zealand’s world-leading Hamilton Jet, a company that bests even Rolls Royce, told the Manufacturing Inquiry that a $20 million investment would yield just a two per cent return under an 80c exchange rate with no debt.

“It doesn’t make sense to invest with numbers like that. Today I’m going to meet with workers and employers at Summit Wool Spinners in Oamaru to hear directly from them what’s wrong.

“Steven Joyce can call for foreign investment all he likes but his policies are scaring overseas companies away. Another reason why 33,000 people gave up on the labour force last quarter.

“The only foreign investment market doing well is rural land. That doesn’t create jobs or increase our output but does send profits offshore and puts land beyond the reach of Kiwis.

“The supposed Mr Fixit Steven Joyce has presided over a fall in 30,000 jobs in one year as Minister of Employment, despite promising to create 170,000 in four years. For a man of action he hasn’t even finished announcing his Business Growth Agenda. I have four words for Steven Joyce: ‘Get on with it’.”

“Labour has the ideas and the vision to get the economy moving, manufacturers exporting and Kiwis working.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Police Authority: Use Of Taser Was Disproportionate And Unjustified

The Independent Police Conduct Authority has found that an officer’s second use of a Taser on a mentally unwell Hokitika man was disproportionate and unjustified. More>>


Gordon Campbell: On Holidays, Hekia Parata And Badlands

Hekia Parata, adieu. Reportedly, she’s been ‘passionate’ about education. She has “bravely’ led the charge on the government’s education reforms. In the past week , many of the postscripts to Hekia Parata’s career as Education Minister have sounded like a schoolteacher desperately trying to find some reason why a D student can be marked up to C minus. More>>


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news