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New Zealand firms expanding beyond the start-up phase are set for more support after today’s passage of the Venture Capital Fund Bill, Associate Finance Minister David Parker said.

The Government is delivering on its promise to protect New Zealanders’ interests by applying a new national interest test to the sales of our most sensitive and high risk assets to overseas buyers.

New applications from mining company OceanaGold to purchase land in Waihi for new tailings ponds associated with its gold mines have been approved.

The Bill setting up a $300m Venture Capital Fund to foster innovation and encourage smaller start-ups to expand, passed its first reading in Parliament today.

To grow our economy and lift productivity we need investment, both by New Zealanders and overseas investors. Overseas investment is welcomed where it supports New Zealanders’ wellbeing.