Budget 2013: Investing in internationally-focused growth

Prime Minister and Tourism Minister John Key today told a business audience in Wellington that a key focus of the upcoming Budget would be a package of internationally focused growth initiatives.

“New Zealand’s prosperity is highly dependent on our ability to form and maintain strong links with countries around the world. Exports of goods and services, including tourism and international education are vitally important for our economy,” says Mr Key.

“As my recent visits to China and Latin America have demonstrated, there is huge potential for New Zealand in these and other growth markets. My Government is committed to continuing its work with the private sector to encourage and facilitate more growth in exports.

“This year’s Budget will see a significant investment in these areas, to help drive even more focus on international growth areas.

“Today I am announcing that, as part of this package, we will be investing an additional $158 million over four years into tourism,” says Mr Key.

“Achieving growth in tourism earnings requires targeted new investment to position New Zealand as a high value destination in markets with real potential for growth.”

In the year ended March 2012 tourism generated $9.6 billion of revenue and was 15.4 per cent of export earnings. It was 3.3 per cent of GDP and employed 6.2 per cent of the workforce.

“Later this week when I attend New Zealand’s premier tourism conference, TRENZ, I will announce details of where this $158 million will be invested,” says Mr Key.

“However, I can advise that the package of funding will accelerate the work already underway in attracting high value tourists, and supporting and growing emerging and existing markets.

“It will also be utilised to encourage innovation, bring international events to New Zealand and simplify visa processes.

“This new funding will provide a boost in marketing New Zealand to the world.”