Overseas Investment Changes A Good Start

The Government’s steps toward an easier overseas investment process are a good start but more, fundamental change is required, Says BusinessNZ Chief Executive Kirk Hope.

"New Zealand currently has one of the most restrictive regimes in the OECD when it comes to overseas investment, and attempts at creating a more welcoming environment are to be commended.

"But we need to address the wider issue of an Overseas Investment Act and associated regulations which are no longer fit-for-purpose, and putting New Zealand at a disadvantage compared to other countries.

"Re-writing the Act will be where New Zealand sees the most benefit, and BusinessNZ has submitted on this in the past."

Mr. Hope says overseas investment is critically important for New Zealand’s success.

"Historically, overseas investors have put up the venture capital for projects that might have otherwise gone unfunded. That’s why our regulatory systems need to be 'best practice', when competing for investment internationally."

"Businesses require clarity and stability before they feel comfortable investing. Reducing processing times and other barriers is a good start to restore investor confidence. BusinessNZ looks forward to seeing steps two and three as part of the Government’s process outlined to better enable overseas investment."

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