3. Businesses—Foreign InvestmentHon GERRY BROWNLEE (National—Ilam) to the Minister of Foreign AffairsBusinesses—Foreign Investment3. Hon GERRY BROWNLEE (National—Ilam) to the Minister of Foreign Affairs: Does he expect any foreign policy gains to result from the Government's decision to raise the threshold for Overseas Investment Office approval of sales of New Zealand businesses from $100 million to $200 million?Rt Hon WINSTON PETERS (Minister of Foreign Affairs): I want to thank that member for his question. In answer: those same foreign policy gains that were contemplated when the regulations were drafted and consulted on when his party was the Government and did it in 2016.Hon Gerry Brownlee: Has he received any advice from officials on how many more listed or private New Zealand companies will be in play as clean takeover targets for foreign investors as a result of raising the Overseas Investment Office approval from $100 million to $200 million?Rt Hon WINSTON PETERS: I suspect that list was constructed for the previous Government but it has not been made available to me because the comment is without merit.Hon Gerry Brownlee: If the comment was without merit then why does the Minister by his own admission accept that there will be 40 percent of New Zealand's companies now able to be purchased without any scrutiny whatsoever?Rt Hon WINSTON PETERS: The plain fact is that we inherited a circumstance written into the Trans-Pacific Partnership (TPP) which collapsed but that was something that we had to strive to deal with when we were reorganising this wild animal called the TPP and turning it into a respectable trade deal which means that now we will gain far greater access and protection for our people in all of those new markets we will be entering.Hon David Parker: Was the questioner of the last question in error when he implied that businesses could just fly through when in fact because of changes that we have been making whether they are purchasing rural land or residential land they will be screened?SPEAKER: Order! The Minister has no responsibility for Mr Brownlee.Hon Gerry Brownlee: When the Minister engages in post - Comprehensive and Progressive Trans-Pacific Partnership bilateral discussions with other countries will he highlight the ease with which his Government has enabled foreign investors to be able to secure assets in New Zealand up to $200 million without any scrutiny whatsoever?Rt Hon WINSTON PETERS: In the interests of informing international investors we will tell them that the screening threshold for significant business assets is just one of the categories of screened investment under the Overseas Investment Act. The others are sensitive land and the fishing quota. To use his phrase It pays to sweat the detail in the Cabinet papers." because clearly he didn't.Hon Gerry Brownlee: As foreign Minister does he believe that raising the Overseas Investment Office threshold from $100 million to $200 million for the purchase of New Zealand assets will allow this country to become "putty in the hands of big business abroad"?Rt Hon WINSTON PETERS: It will be a matter of great irony to people watching this television show today from Parliament that that member is complaining about the very actions he and his thoughtless party took when they were selling our country out.Hon Gerry Brownlee: What has changed in his view in the last six months that makes him now support the National Party view that this is a good deal for New Zealand and that there is much to be gained by raising those thresholds which he has now done?Rt Hon WINSTON PETERS: Land investor screening a change in the fishing quota and above all the restoration of this country's sovereignty which were the principal reasons the Americans pulled out in the first place and today are saying they want back in.Hon Gerry Brownlee: Will companies subject to a takeover be required to isolate land assets in the business transaction?Rt Hon WINSTON PETERS: I think that member should consult with his new leader. He's a lawyer and understands that you cannot divide these assets out unless it is not part of their essential business."