Strategy targets international investorsEconomic Development
Economic Development Minister Steven Joyce today announced Cabinet approval of a new national strategy to attract more international business investment and increase growth across the country.
The New Zealand Investment Attraction Strategy will be led by a cross-government team of senior officials from NZTE, MBIE, MFAT, Callaghan Innovation and the Treasury. The Strategy sets out a common set of priorities, goals and key actions for government agencies to work with the private sector on investment attraction activities.
“It is a competitive world for investment,” Mr Joyce says. “While we have been seeing good growth overall in recent years, we need to sustain that and expand on it to really see a step-change in economic activity across New Zealand.
“This joined-up national investment attraction strategy will be tasked with building a pipeline of investable opportunities and promoting them offshore. We need to attract more international investors into opportunities that grow new industries, put more capital into existing industries, and attract investment and job growth in regions around New Zealand.
“Applying an overall strategic direction will enable the Government to target its efforts alongside the private sector and local government, and attract investments that provide the biggest benefits to New Zealand.”
The Strategy sets out three priorities:
- The attraction of high-quality foreign direct investment in areas of competitiveness for New Zealand;
- The attraction of overseas investment in research and development, especially encouraging multinational corporations to locate their R&D activity in New Zealand; and
- Expanding New Zealand’s pool of smart capital by attracting individual investors and entrepreneurs to New Zealand.
“Achieving the Government’s goal of building a strong competitive economy with increasing numbers of higher-paid jobs requires ongoing significant increases in business investment,” Mr Joyce says.
“Attracting more international investment will enhance our export markets and international linkages, introduce new technologies and processes to New Zealand firms, create more skilled jobs, and increase regional economic activity.
“Development of the Strategy is a key priority of the Business Growth Agenda and complements other actions aimed at strengthening New Zealand’s investment environment. It will particularly dovetail into the regional growth studies, which are identifying growth opportunities in Northland, the Bay of Plenty, the East Coast and Manawatu/Wanganui.”
The Strategy will align the relevant activities of the Ministry of Business, Innovation and Employment, New Zealand Trade and Enterprise, Callaghan Innovation, the Ministry of Foreign Affairs and Trade, and the Ministry for Primary Industries.
Targeted consultation with the private sector will be undertaken. The final Strategy will be publicly available.