Good progress on investment attraction strategy

Economic Development Minister Steven Joyce has welcomed news that New Zealand is attracting a higher level of quality international investment in three key areas.

“The first report of the Investment Attraction Taskforce shows international investors and companies have increasing confidence in the New Zealand economy,” Mr Joyce says.

“We are seeing increased foreign direct investment, increased investment in international research and development, and more commitments from migrant investors.

“The market for global growth capital is very competitive and investors have lots of options.  It’s crucial New Zealand markets itself effectively so we can attract our share of the available investment and grow more jobs here.

“In the past year alone we have seen 59 significant foreign direct investment deals, as well as three confirmed research and development deals by large multinational companies.

“Over the last seven years migrant investors have committed to invest over $4 billion here, while the Government has recently announced a four-year pilot of up to 400 visas for high impact entrepreneurs from around the world to develop and launch their ideas from New Zealand.

"In May the Government announced a unique programme to accelerate private sector investment in New Zealand tourism infrastructure.  It's pleasing to see excellent progress, including robust research to clarify the shortfall of up to 4,526 rooms by 2025, the development of a detailed market prospectus in collaboration with the private sector and the presentation of 23 potential sites or greenfield development opportunities to investors in 9 international markets to date.

A cross government taskforce, New Zealand Trade and Enterprise, Ministry of Business, Innovation and Employment, Ministry of Foreign Affairs and Trade, The Treasury and Callaghan Innovation, drives the key goals of the Investment Attraction Strategy which focus on generating significant value for New Zealand.

“Attracting quality international investment is crucial to bedding in a stronger growth pattern for New Zealand that provides more highly-paid jobs for kiwis all over the country.  Achieving higher levels of business investment is a key part of the investment stream of the Business Growth Agenda.

“The challenge now for the Investment Taskforce is to keep growing connections with the private sector, and lift our investment attraction efforts so we can successfully compete for growth capital from around the globe,” Mr Joyce says.

The full report can be downloaded here.