Aust, still wants to invest

Press, 16 July 1983, Page 24

Aust, still wants to invest

PA Wellington Australian companies are still applying to invest in New Zealand in spite of a Government freeze on such ventures. The secretary of the Overseas Investment Commission, Mr Bruce Rampton, has said that applications from Australia were arriving at the usual rate of

about five a working week. “We are still willing to have a look at any application, but obviously we can’t give a final decision until the Government directive is lifted,” Mr Rampton said. The commission was carrying out all procedures so that it could inform Australian companies of its decision as soon as the directive was lifted.

“This way they won’t have to wait an extra two weeks for a decision." he said. Mr Rampton said the commission was holding 29 Australian applications “with a couple more in the works.” The Prime Minister, Mr Muldoon, applied the freeze on May 25 and extended it indefinitely on June 27 after

failing to reach agreement on foreign investment policies during his two-day visit to Canberra.

The freeze is expected to remain until at least next month when Mr Muldoon visits Canberra for the South Pacific Forum meeting where he will also have more talks on the issue with the Australian Government.