Trade and investment focus of Sydney talks

Minister for Trade and Export Growth David Parker heads to Sydney tomorrow to promote New Zealand’s trade and investment interests.

The two day visit includes meetings with the Australian and New Zealand branches of the American Chamber of Commerce as well as with companies doing business and investing in New Zealand.

David Parker said he will take the opportunity to stress New Zealand’s commitment to open rules-based markets and to outline the Coalition Government’s economic agenda.

“As a small trading nation that relies on access to markets and foreign capital, we have worked closely with our partners in the Asia Pacific to promote trade and economic connectivity.

“This work is more important than ever as the world faces the economic danger of a rise in protectionism.”

He will also seek to expand Australian and American investment by reaffirming that New Zealand remains open to trade and to investment in our businesses and forests.

“We already have strong investment ties with Australia and the US. The satellite launching business Rocket Lab is a great illustration of the sorts of innovative links we want to encourage and expand.”

His itinerary includes a meeting with venture capital funds.

“As last week’s 1 per cent June quarter GDP figure showed, New Zealand has a strong and growing economy. A wide range of free trade agreements, pro-competitive regulation, an efficient tax regime, and an open political system make it a great place to do business,” David Parker said.

Rating agency Moody’s last week confirmed New Zealand’s Aaa rating with a stable outlook – the highest score it is able to give – and said it expected New Zealand’s growth to be stronger than other Aaa-rated countries in the next few years.

“The Government’s changes to the overseas investment regime aim to channel foreign investment into the productive sectors of the economy rather than into speculative sectors like residential housing.

“The recently-passed Overseas Investment Amendment Act seeks to support business investment and, in particular, encourages foreign direct investment in forestry, where it is crucially needed,” David Parker said.

While he is in Sydney David Parker will also meet NZ Trade and Enterprise directors to discuss the important work they do in the region.