South East Asia

New Zealand seeking investors from South East Asia to boost economic relationships

by Ray Clancy on June 8, 2016

There are opportunities for new relationships to develop between New Zealand and South East Asian countries, particularly Singapore, according to government officials.

Economic links are being explored further by Economic Development Minister Steven Joyce who has arrived in Singapore to strengthen the bilateral science and innovation relationship between the two countries.

He is also meeting with high-net worth investors to promote New Zealand as an investment destination and believes that could lead to wealthy business people considering a move to the country.

singapore

“There is huge potential to grow the economic links between New Zealand and Singapore which is one of our most valued partners in the Asia-Pacific region. Whether it is in terms of tourism, two way trade or foreign direct investment, Singapore consistently ranks in our top 10 countries,” said Joyce.

“Singapore has become a major source of foreign direct investment. Year on year foreign direct Investment from Singapore has increased from $4.3 billion in 2014 to $5.6 billion in 2015, growth of more than 30%,” he explained.

“These investors are choosing New Zealand because they see opportunity. They see our growing economy, booming tourism, strong migration and a large pipeline of construction projects which will continue to stimulate growth,” he added.

The New Zealand Government currently wants to attract more high value foreign direct investment (FDI) in some of the country’s most competitive sectors, with a target of facilitating investments with a potential direct economic impact of $5 billion over three years.

According to Joyce that kind of investment would mean many more high value jobs being created in New Zealand and opportunities for people from around the world.

“FDI creates jobs and businesses and provides funding to get infrastructure projects off the ground. High quality international investment can also help New Zealand firms to grow by forging international connections, and enhancing access to export markets and complex global supply chains,” he added.

There are also growing travel links between New Zealand and other Asian Pacific countries. For example, a new direct return flight from New Zealand to Ho Chi Minh City in Vietnam has just been launched.

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