Tamsyn Parker

Tamsyn Parker is the NZ Herald Assistant Business Editor

We must welcome more foreign investment - Joyce

Stephen Joyce. Photo / Christine Cornege
Stephen Joyce. Photo / Christine Cornege

New Zealand has to become more welcoming towards foreign investment if it is to grow exports and boost its capital markets, according to economic development minister Steven Joyce.

Speaking at the launch of a progress report on building New Zealand's capital markets this morning Joyce said the country needed $160 to $200 billion in investment to grow its exports from 30 per cent of GDP to 40 per cent by 2025.

Joyce said that figure was 70 to 90 per cent more than what was currently being invested and needed to come from more domestic investment as well as more international investment.

"We have to become more welcoming of international investment. We have to start asking ourselves whether that is a bad thing."

Joyce said that didn't necessarily mean accepting every foreign investment but New Zealand needed foreign capital to help it to grow the economy and create more jobs.

"This economy was built on international investment. If we want to go faster we need to have more international and domestic investment."

The report is the sixth to come out of the government ranging growth export markets, innovation, skills and safe workplaces, infrastructure and resources.

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