“A Bill in my name drawn from the Ballot today will reduce barriers to investment from other like-minded countries improving the quality of life enjoyed by all New Zealanders,” says ACT MP Damien Smith.
“The Overseas Investment (Except Investment from OECD Countries) Amendment Bill is a significant step forward in New Zealand’s public policy.
“New Zealand has highly restrictive laws which put up needless barriers to Foreign Direct Investment (FDI) with the overall impact of reducing investment and making us poorer.
“The status quo is not working and is contributing to a significant investment deficit seen in housing, transport and private sector productivity.
“Foreign investment is overwhelmingly good for the economy and will help build New Zealand’s reputation as a business friendly country around the world.
“The Bill will make it easier for investors from OECD countries to come to New Zealand and invest while fostering stronger trading links.
“However, this exemption does not apply when there is a national security interest at stake, and it does not apply to residential land.
“Reducing barriers to investment will be beneficial to all New Zealanders and I believe is an area in which we should seek to build the biggest possible consensus around”.