New government investment strategy will support tourism
The government's new proactive approach to attracting foreign investment is good news for the tourism industry.
The Tourism Industry Association New Zealand (TIA) is welcoming the Government’s new foreign investment strategy as New Zealand needs more investment to support tourism growth.
Economic Development Minister Steven Joyce is promoting a new approach to attracting foreign investment that involves partnering with Australia to create a pipeline of private sector investment opportunities to international investors.
TIA has been lobbying for a change of approach and Chief Executive Chris Roberts says there is a lot to be learned from Australia.
“The Australian Trade Minister essentially sees himself as a salesman for investment opportunities in Australia. He has details of major projects that are promoted to potential investors around the world.
“Many of these opportunities involve new tourism infrastructure such as hotels, attractions and theme parks. There is even a government website www.tourisminvestment.com.au which currently lists around 40 significant tourism investment opportunities in Australia.”
New Zealand has to do more to encourage investment.
The Tourism 2025 growth framework aims to almost double the economic contribution of New Zealand’s tourism industry to $41b by 2025 and that will require significant investment in supporting infrastructure.
“TIA is delighted that the Minister is pulling together various government agencies to work under New Zealand Trade & Enterprise, and that in the Minister’s words: ‘their job will be to show a pipeline of private sector investment opportunities to international investors so that they can come in and invest, particularly in our regions’," says Chris.
“A more proactive government-led strategy to attract private investment is long overdue. As the Minister has noted this required no law change, simply a change of attitude.”
The Government's new investment strategy
The Government's new investment 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
- Expanding New Zealand’s pool of smart capital by attracting individual investors and entrepreneurs to New Zealand
Read the Government's media release
Read the Cabinet Paper