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

IGIS: Report On Release Of NZSIS Information To Cameron Slater

The Inspector-General of Intelligence and Security, Cheryl Gwyn, published her report on the inquiry into the release of NZSIS information to Mr Cameron Slater at a press conference in Wellington today...

The inquiry found the NZSIS released incomplete, inaccurate and misleading information in response to Mr Slater’s request, and provided some of the same incorrect information to the Prime Minister and the Prime Minister’s Office.

“These errors resulted in misplaced criticism of the then Leader of the Opposition, Hon Phil Goff MP. Mr Goff is owed a formal apology by the Service,” said Ms Gwyn. More>>

 

Parliament Today:

Gordon Campbell: On Rick Ellis As Te Papa’s New CEO

The recent appointment of former TVNZ boss Rick Ellis to head Te Papa has copped a fair bit of criticism. Much of it has been inspired by the suspicion that Ellis has been hired to pursue the same purely commercial goals as he did at TVNZ, while similarly neglecting the serious cultural side of his mandate. More>>

Passport Cancellation, Surveillance: Draft 'Foreign Fighters Legislation' Released

The final draft of the Countering Terrorist Fighters Legislation Bill contains proposals previously announced by Mr Key in a major national security speech earlier this month. More>>

ALSO:

Related

Joint Statement: Establishment Of NZ-China Strategic Partnership

At the invitation of Governor-General Lt Gen The Rt Hon Sir Jerry Mateparae and Prime Minister The Rt Hon John Key of New Zealand, President Xi Jinping of the People’s Republic of China made a state visit to New Zealand from 19 to 21 November 2014... More>>

ALSO:


Savings Targets: Health Procurement Plan Changes Direction

Next steps in implementing DHB shared services programme Health Minister Jonathan Coleman says the Government has agreed to explore a proposal put forward by DHBs to move implementation of the shared services programme to a DHB-owned vehicle. More>>

ALSO:

More on Health Policy:

Auckland Unification: 'No IT Cost Blowout' (Just More Expensive)

Following discussion of an update on Auckland Council’s Information Services Transformational Programme at today’s Finance and Performance Committee, council has released the report publicly. More>>

ALSO:

Other Expensive Things:

Gordon Campbell: On The SAS Role Against Islamic State, And Podemos

Only 25% of the US bombing runs are even managing to locate IS targets worth bombing. As the NYT explains at length, this underlines the need for better on-the-ground intelligence to direct the air campaign to where the bad guys have holed up... More>>

ALSO:

Public Service: Commission Calls For Answers On Handling Of CERA Harassment

EEO Commissioner Dr Jackie Blue is deeply concerned about the way in which the State Services Commission has handled sexual allegations made against CERA chief executive Roger Sutton this week and is calling for answers. More>>

ALSO:

Gordon Campbell:
On Andrew Little’s Victory

So Andrew Little has won the leadership – by the narrowest possible margin – from Grant Robertson, and has already been depicted by commentators as being simultaneously (a) the creature of the trade unions and (b) the most centrist of the four candidates, which would be an interesting trick to see someone try in a game of Twister. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news