New Zealand announces plans to boost local defence sector

New Zealand's Defence Minister Judith Collins speaks at the Five Power Defence Arrangements (FPDA) Defence Ministers’ Joint Press Conference Meeting (FDMM) on the sidelines of the Shangri-La Dialogue in Singapore May 31, 2024. REUTERS/Caroline Chia

WELLINGTON (Reuters) -The New Zealand government said on Friday it was changing defence procurement rules and introducing a new military technology fund in an effort to boost the local defence sector as government spending is set to increase.

The New Zealand government said earlier this year it would boost defence spending by NZ$9 billion ($5 billion) over the next four years, and aim to nearly double spending to 2% as a share of gross domestic product in the next eight years due to growing concerns about strategic competition.