14 April 2004

14 April 2004

Investment New Zealand’s role in facilitating the connection between New Zealand companies and international investment is playing a key part in helping New Zealand firms internationalise faster, New Zealand Trade and Enterprise chief executive Tim Gibson said today.

Figures released today show that since July 2002, 102 potential investors have been brought to New Zealand under Investment New Zealand’s Visiting Investor Programme. The total cost incurred on these visits was $1,040,551.

Mr Gibson said that if New Zealand is to achieve its economic growth goals, and return to the top half of the OECD, it needs more quality foreign direct investment.

For the financial year ended 30 June 2003, Investment New Zealand recorded 11 successful projects that in total will generate NZ$484 million in inward foreign investment and create 1,921 jobs for New Zealand.  In addition, a number of trade and technology collaboration relationships have developed between New Zealand and international companies.

“It is not just about access to more capital.

“International investment provides New Zealand businesses with access to new markets, expertise, management capability and technology they would never find domestically,” Mr Gibson said.

The Visiting Investor Programme is an important, cost-effective tool to demonstrate to international investors the Government’s commitment to attracting quality investment to New Zealand, he said.

In the absence of other mechanisms such as incentives used by many other competing countries, the programme effectively provides New Zealand with a “seat at the table.”

“The Visiting Investor Programme has dual benefits.   It allows the investor to see available business opportunities first-hand and it provides Investment New Zealand with a rare opportunity to showcase the attractiveness of New Zealand as a business environment and investment destination,” Mr Gibson said.

Attracting investment to New Zealand is a particularly competitive business, with nearly 2,500 other investment agencies operating in the world, all targeting similar high worth deals.

For more information:
Tracey Palmer
Communications Manager
New Zealand Trade and Enterprise
Tel 0275 498 155