Source: ACT Party
Headline: Government should heed warning on protectionism
“Jacinda Ardern’s government is being warned that its protectionism will scare away foreign investors”, says ACT Leader David Seymour.
“Documents released by Treasury show the Government’s restrictions on overseas investment in rural land may ‘negatively affect New Zealand’s attractiveness as a destination for overseas investment’ and may have ‘unintended consequences and complicate the assessment of overseas investments the Government may wish to facilitate.’
“The Government pays lip service to the idea that foreign investment leads higher growth and productivity, more jobs and exports, and new skills and technology.
“Despite this, it has pandered to xenophobic sentiment and put in place a policy that will lead to lower living standards.
“According to the OECD’s foreign investment restrictiveness index, New Zealand already has the toughest foreign investment rules of any developed country. Only seven developing countries – including Myanmar and Saudi Arabia – beat us to the title of ‘most discriminatory’.
“This is just the latest example of Jacinda Ardern governing by what sounds good without asking what the side effects of her policies will be. Her Government is dangerous and arrogant, and will destroy wealth and opportunity without warning.
“ACT would roll back restrictions on foreign investment, ensuring New Zealanders can take advantage of its benefits”, says Mr Seymour.