Overseas Investment Act Review Submission
May 25th 2019
Social Credit is very supportive of the points raised in the excellent submission sent in by CAFCA, however we would like to add some emphasis and some additional points.
In regard to point eight in the CAFCA submission, we are of the view that overseas investment in existing assets, unless it can be shown that there are very substantial benefits to the country from that investment that would not eventuate if that investment came from within New Zealand, should become almost impossible. There are other sources of investment not currently employed (which we explore later in our submission) that could easily replace overseas investment, with much greater benefit to the country.
While the New Zealand owners of assets have a right to secure the best return possible on the sale of an asset, the national interest must take precedence. There will always be potential overseas investors with much deeper pockets than New Zealand can match, however, simply selling off our country to the highest bidder is not a viable strategy for a secure long term future.
Other sources of investment -
- Rural Bank
- Technology Development Bank
- Cooperatives
- Reserve Bank
- Central Government
The potential for investment from these sources has not been explored in recent years despite having been a key factor in the historical development of the country. That potential is canvassed in the attachments.
Conclusion
Our contention is that overseas investment should only be allowed where it can provide benefits to the country which cannot be gained by sourcing that investment from within New Zealand.
LINKS for download:-
- Campaign Against Foreign Control of Aotearoa - Overseas Investment Act Review Submission (pdf)
- Technology Development Bank (pdf)
- Funding Our Future - How the Reserve Bank could fuel the country's future (pdf)