Key to call on big spending investors in Silicon Valley

Prime Minister John Key tucks into a mini pavlova on his tour of the United States. Photo / Audrey Young

It's investment day today on John Key's trip to California with a visit to Facebook, Google and lunch with 16 investors who are looking for places to put their venture capital funds.

And last night he dined in Hollywood with Warner Bros and New Line Cinema executives who are investing at least $630 million in the two Hobbit films being made in New Zealand.

Today he flies north to San Jose and Silicon Valley. "There's a lot of money in Silicon Valley and they look for very small companies that have good ideas that are short on capital," Mr Key said.

"If you look at someone like Google, Facebook and Apple, those three companies have US$300 billion in cash at the moment."

"They are looking to spend money and they are certainly happy to spend it in New Zealand."

Earlier he said the Government also needed to "grow its technology platform and we are woefully inadequate in providing technological solutions for New Zealanders that want to engage in government."

He said New Zealand could also grow its opportunities. He had been speaking recently to the chief executive of Google for Australia and New Zealand. In Australia they had 500 people.

Mr Key said it's "possible we might be able to do something more significant" in New Zealand.

Earlier Mr Key met staff and their families at the New Zealand consular offices in Los Angeles. Ambassador Mike Moore also joined Mr Key yesterday.