AUCKLAND: New Zealand’s prime minister has pitched his country as a safe haven in an unstable world as he opened an investor summit aimed at attracting foreign capital.
“New Zealand has been and will continue to be a poster child for social and political stability in a more volatile and challenging world,” Christopher Luxon told delegates at the outset of the two-day “New Zealand Infrastructure Investment Summit” yesterday in Auckland.
“That reputation is long-standing, but in challenging times it has come into sharper focus.”
Luxon’s centre-right government wants more foreign direct investment to boost economic growth ahead of an election next year.
It is cutting red tape and speeding consents for major projects, from transport and energy infrastructure to housing and mining.
The government is also adjusting immigration settings to ensure it attracts the investors and workers the economy needs, the summit was told.
Luxon didn’t mention US president Donald Trump – a mistake that saw a senior New Zealand diplomat lose his job last week – or his imposition of tariffs, but he said free trade was essential to New Zealand’s economic success.
“We consistently advocate for a rules-based international order that allows small countries like New Zealand to thrive,” Luxon said. “Free trade isn’t just an idea in New Zealand; it’s the bedrock of our prosperity.”
He also hailed New Zealand’s relative political stability.
“When you look at all the tension, volatility and strife in the world today, I think that makes us pretty special, and a very attractive destination for anyone looking to take shelter from the global storm,” he said.
The government said around 100 delegates from New Zealand and abroad are attending the summit, including the Investment Ministry for the United Arab Emirates, Hong Kong’s CK Infrastructure Holdings and US investment fund Global Infrastructure Partners, which is owned by BlackRock.
Luxon said New Zealand’s economy was at the beginning of a cyclical recovery, with inflation contained and economic growth set to gather pace.
Immigration Minister Erica Stanford said the government wanted to make it easier for highly-skilled and high-net-worth individuals to live, work and invest in New Zealand.
New so-called golden-visa rules are being introduced from April 1 to lure wealthy migrants and Stanford is now turning to an overhaul of the entrepreneur visa.
“The current visa is not working well – it attracts few applicants, and it is complex to navigate,” she said. “The aim is to offer an attractive pathway for migrant entrepreneurs who have the capital and experience to operate businesses in New Zealand.” — Bloomberg
