Parmar Parmjeet: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeParmar Parmjeet: Oral Questions — Questions to Ministers[Sitting date: 13 August 2015. Volume:707;Page:5793. Text is incorporated into the Bound Volume.]4.Dr PARMJEET PARMAR (National) to the Minister for Economic Development: What is the Government doing to encourage more investment throughout New Zealand?Hon STEVEN JOYCE (Minister for Economic Development): There have been very significant investment flows recently both internally and through international investment into New Zealand businesses which help grow jobs and incomes. Last month I announced the creation of a new strategy to attract more international business investment. The New Zealand Investment Attraction Strategy is being led by a team from New Zealand Trade and Enterprise the Ministry of Business Innovation and Employment the Ministry of Foreign Affairs and Trade Callaghan Innovation and Treasury. They are working with the private sector to create a pipeline of strong investable opportunities and to promote them. Attracting more investment will enhance our export markets and international linkages introduce new technologies and processes create more skilled jobs and increase regional economic activity.Dr Parmjeet Parmar: What are some recent examples of investment in New Zealand?Hon STEVEN JOYCE: There has been a substantial amount of new investment in New Zealand in just the past couple of years both domestically and from international sources. For example last year in the forestry processing industry Oji Holdings of Japan made a billion-dollar investment in Carter Holt Harvey’s pulp paper and packaging holdings adding to its interests in Pan Pac Forest Products in Napier and it is investing in developing those. In the dairy industry we are seeing around $2 billion worth of new investment in the value-added section of manufacturing—for example Westland Milk Product’s construction of a new $102 million dryer for nutritionals in Hokitika and a UHT plant in Rolleston and new investments by Fonterra in areas such as cream cheese UHT and mozzarella cheese. Filipino company Universal Robina Corporation has invested nearly three-quarters of a billion dollars through its purchase of Griffin’s and it is investing further in that plant. It is these sorts of investors that help economic growth across New Zealand.Dr Parmjeet Parmar: What other measures is the Government taking to encourage more New Zealand businesses to invest and grow?Hon STEVEN JOYCE: With the likes of Tait Communications Wynyard Group and Gallagher Group we are seeing a number of innovative Kiwi companies competing successfully on a world stage for Government contracts and that is set to grow with New Zealand today acceding to the World Trade Organization’s Agreement on Government Procurement. That will guarantee New Zealand companies access to bid for around $1.7 trillion in annual overseas Government contracts across 43 member countries including the US Canada Japan and the European Union. This is a very significant agreement and along with our other trade agreements is an important part of the Government’s goal of growing investment and growth in New Zealand companies.Dr Parmjeet Parmar: What reports has he seen of other potential policy approaches to international investment?Hon STEVEN JOYCE: I have seen a number of reports. Interestingly they all come from the same source and all on the same day but say different things. The first report stated that the last thing we needed was more foreign ownership. That was followed up in record time less than an hour later by a report saying that the country was built on foreign investment and that we needed more of it. Sadly this is the sort of high-speed flip-flopping that we are starting to—Mr SPEAKER: Order! I have heard enough of that answer.Dr David Clark: After 7 years does he consider that investment in New Zealand has been successful when exports as a percentage of GDP have dropped since his Government took office and are projected to drop further still?Hon STEVEN JOYCE: Firstly one of the reasons why they have dropped is the statistical change from Statistics New Zealand which has equally affected the member’s party’s performance when they were in office as well because it actually applies I think to just about every year since 1995. The good news for the member is that we have set a target for 2025. That requires around $160 billion to $200 billion worth of additional investment in our export sectors. This Government is committed to achieving this. The Opposition as we found out yesterday has no idea what it thinks about international investment.Dr David Clark: In respect of his 2025 growth target does he accept the Hon Bill English’s statement that growth would need to double to reach it; if so what is he doing about that that is not already in his Business Growth Agenda because that does not seem to be working?Hon STEVEN JOYCE: I suggest that the member actually listen to the first three answers to the question this afternoon because I have just announced an investment attraction strategy that we are working on together to increase the already growing pace of international investment. [Interruption] Of course Mr Clark does not listen because he is too busy yelling out something like “He’s the worst MP in 50 years.”