Overseas investment rules to get overhaul

The Government is reviewing overseas investment rules to make foreign investment in New Zealand more simple and attractive, Finance Minister Bill English said today.

He said current investment legislation was cumbersome and the rules were often difficult to interpret.

"While our overseas investment screening regime is not the most important factor for attracting foreign investment, we think there are significant improvements we can make," he said.

"It has taken too long to process some overseas investment proposals...which has added to the costs for investors and may have turned some of them away."

Mr English said sensitive land, assets and resources would continue to be protected.

- NZPA