Foreign direct investment is set to receive a major boost in the country as the government launches Invest New Zealand. Trade Minister Todd McClay has been appointed to lead this new agency.
“Invest New Zealand will streamline the investment process and provide tailored support to foreign investors to increase capital investment across critical infrastructure, fostering greater innovation in key sectors and attracting world-class talent to our shores,” McClay said.
The newly established agency, inspired by successful practices from Ireland and Singapore, will concentrate on:
- Drawing foreign direct investment into high-growth sectors to enhance productivity and drive innovation.
- Streamlining processes to enhance the capital available for investment in both new and existing projects and enterprises, including banking and fintech, critical infrastructure such as roads and energy projects, manufacturing, and private sector growth.
- Boosting research and development investment in New Zealand by multinational corporations.
- Encouraging skilled professionals to enhance domestic capabilities and global connections.
“With Invest New Zealand leading the charge, we’re rolling out the welcome mat to the world. Streamlining processes and supporting investors as they navigate our legal and commercial landscape,” McClay stated.
Invest New Zealand will initially operate within New Zealand Trade and Enterprise (NZTE) before transitioning to a new Autonomous Crown Entity, which, according to McClay, “operates with a clear mandate to attract international capital, infrastructure investment, ideas, and expertise.”
New Zealand Trade and Enterprise (NZTE) is set to undergo a strategic refocus, concentrating solely on supporting Kiwi businesses in their efforts to export more and expand into international markets.