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

 


Joyce Calls For Foreign Investment But Companies Pulling Out


David
PARKER
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.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Transport Report: LGNZ Calls For Proactive Approach To Mobilise Regions

LGNZ has today released Mobilising the Regions, its major transport study, which highlights the economic and social impact of strategic transport decisions nationally and in the regions, and the direct link between regional development, national prosperity, social well-being and cohesiveness. More>>

ALSO:

Transport: New Rules Bring Double-Deckers To Our Cities

New rules that allow buses, including double-deckers, to carry more people will ramp up the public transport offering in our cities, Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say. More>>

ALSO:

Cycling:


Images & Video: Four Alternative Flags For Referendum

Flag Consideration Panel chair, Professor John Burrows, said the Panel’s decision had been guided first and foremost by the results of its engagement programme across a range of communities where thousands of Kiwis shared what was special about New Zealand, as well as the Panel’s own selection criteria. More>>

ALSO:

Labour: New Figures Show Speculators Rampant

New figures released by the Reserve Bank show there’s been an explosion in mortgage lending with most of the growth going to property investors, Labour’s Housing spokesperson Phil Twyford says. More>>

ALSO:

False Official Information Response: English's Apology Accepted

Finance Minister Bill English is being thanked for his apology to New Zealand First Leader and Member of Parliament for Northland Rt Hon Winston Peters... Mr English says his staff and the Treasury have searched again, and they found the document that they denied having. More>>

ALSO:

Midwives On Pay Equity: Historic Bill Of Rights Case For High Court

“We have been left with no choice.” That from Karen Guilliland, the Chief Executive of the New Zealand College of Midwives, as the organisation prepares to file a pay parity discrimination case on the basis of gender under the NZ Bill of Rights Act in the High Court. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news