Newstalk ZB reports:
The Prime Minister is keen to open the door to foreign investors.
In a speech to the Act Party conference today, John Key said a review of the Overseas Investment Act will be announced by Finance Minister Bill English next week.
The review aims to create an overseas investment screening regime that encourages investment into New Zealand while protecting sensitive land, assets and resources.
New Zealand’s restrictions on foreign capital are already a joke. As it stands foreign owners take $15.4 billion (8% of our GDP) in profits from the work of New Zealanders every year, most of it dividends from former public assets that were sold off too cheaply in the 1980s and ’90s.
Any relaxation on overseas investment is a recipe for more foreign ownership of New Zealand and even more of our national wealth being sucked out of the country in the form of dividends for overseas shareholders.
This really is the same old National Party.
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