New profiles to increase investment in regions

Economic Development Minister Steven Joyce today launched a set of 14 Regional Investment Profiles at the New Zealand and Australia Economic Development Forum 2014 to promote investment opportunities in each region of New Zealand.

The profiles provide information about sector strengths and how these are supported by each region’s workforce, raw materials, services and infrastructure. They also include case studies and comments from businesses that have invested in each region.

“The profiles will be used by the Government, NZTE, and regional Economic Development Agencies to identify investment opportunities where there is a regional advantage, to help guide investors more quickly and effectively to those regions where opportunities are strongest,” Mr Joyce says.

“It’s the regions that have led New Zealand’s recovery from the Global Financial Crisis. These profiles will help regions attract more new investment and further strengthen their local economies.”

New Zealand Trade and Enterprise (NZTE) already provides investors with information about how New Zealand as a whole compares with other countries as a business and investment location. The regional profiles will do the same for each region of the country.

“Investors have a lot of choice across countries, sectors and regions so they need a clearly-defined value proposition. It’s important for everyone working to attract investment to the regions to get to grips with how investors see the world and how best to communicate with them,” Mr Joyce says.

“By clearly articulating the key business opportunities in each region we will be in a better position to attract more new investment into regional New Zealand.”

NZTE developed the profiles in partnership with Economic Development Agencies (EDAs). Around 200 businesses, as well as EDAs, were consulted and contributed information.

The profiles are part of NZTE’s Regional Investment Attraction Programme which is encouraging more international firms to invest in New Zealand’s regional economies to increase growth and jobs.

The programme is set out in the Government’s Business Growth Agenda – Building Capital Markets workstream and supports the target to increase the ratio of New Zealand’s exports from 30 per cent to 40 per cent of GDP by 2025.

During the next phase of the programme NZTE will work with EDAs and the private sector to develop company and greenfield investment opportunities in the regions, and will provide a toolkit, training and assistance to help EDAs support the investment attraction process.

NZTE is also helping New Zealand businesses to improve capability and get into an investment-ready condition through its Better by Capital service.

The Regional Investment Profiles are available at www.nzte.govt.nz/regionalinvestmentprofiles

The Business Growth Agenda – Future Direction 2014 report is available atwww.mbie.govt.nz/pdf-library/what-we-do/business-growth-agenda/bga-reports/future-direction-2014.pdf

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