Labour youth offers investment guide
Labour Youth has suggested to the Government a set of principles and guidelines for overseas investment in New Zealand. The president of the Labour Youth, Mr Callum Reid, said in Christchurch yesterday that in principle New Zealand development of the economy should be preferred to overseas development. Where the required resources could not be adequately provided from here, then, there was a place for overseas investment. “In such circumstances the maximum degree of New Zealand participation should be sought. Often that will mean at least a 51 per cent New Zealand shareholding in overseas ventures,” he said. Overseas investment should meet New Zealand
criteria for job creation, commercial viability without high levels of protection or State subsidy and use of new technology suitable for New Zealand, said Mr Reid. Overseas ventures in New Zealand should be subject to a set of specific guidelines. Overseas companies should have no permanent rights to New Zealand land or natural resources.
Employees of overseas companies should not take New Zealanders’ jobs and should be employed only if there was nobody from the local workforce with the right skills, he said.
“The Government should make no concessions on health and safety standards, union and award coverage or environmental safeguards. Fast track procedures should be avoided and
all overseas ventures should be subject to full planning procedures.” Mr Reid said that all financial records of overseas companies should be open for inspection by the Government to prevent tax dodges.
“Over-all a balance needs to be struck between the interest of economic growth and development and the interests of New Zealand’s economic sovereignty,” he said.
“It is not an easy balance to strike but Labour Youth is confident that the Labour Government can achieve it.”
Mr Reid said the guidelines had been put together by Labour Youth in the form of remits and policies considered by past conferences.
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Press, 5 August 1985, Page 2
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316Labour youth offers investment guide Press, 5 August 1985, Page 2
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