New Zealanders lack ambition, says business leader

New Zealand business people lack ambition and sell out to foreign control too easily, the chairman of a number of leading companies has said.

Bill Falconer lamented an apparent lack of people with "drive to develop our enterprises" into large, successful companies.

"Are there business people in New Zealand with the vision and commitment to create a big New Zealand wine company?" he asked as an example.

Mr Falconer, who is chairman of Oyster Bay Marlborough Vineyards, Hellaby Holdings, Restaurant Brands, and the Meat Industry Association, said he "regretted" the sale of rival wine firm Montana to Allied-Domecq.

"In my opinion it denied the opportunity to New Zealanders to invest in their own number one winemaker.

"One has to ask if there's an inevitability that investment in our wine industry... has to come offshore."

Mr Falconer added New Zealanders were good at starting exciting ventures but stumbled when it came to taking them to the next level, partly because of "50-foot yacht syndrome".

"If we are going to have a kind of enduring development in this country then we have to not stop.

"If you are a New Zealand owned company then you'll get optimal outcomes for New Zealand's economy."

However, Mr Falconer stressed he was not arguing for restraining overseas investment -- it was more a matter of finding the New Zealanders that wanted to "have a go" first.

The businessman questioned why there was little investment in enduring manufacturing businesses and said New Zealand's business focus had "come down" in recent years.

"There's no real growth sectors or major businesses that will make a material difference to New Zealand's economy and put us on a par with Australia."

Mr Falconer said while New Zealand had recorded good economic growth in recent years, it was "not spectacular or of an enduring nature".

He also believed there was a lack of available risk capital in New Zealand, which was one reason why it was difficult to grow businesses.

"There's clearly adequate capital for establishing industries but what seems to be in short supply is long-term, patient investor capital."

Mr Falconer said the national superannuation fund had an important role to play in the development of New Zealand's core sectors.

He was speaking at a Marlborough Chamber of Commerce function.

Oyster Bay Marlborough Vineyards is a dedicated grape grower for Delegat's Wine Estate, owns three vineyards in Marlborough, and is listed on the NZAX alternative market.

- NZPA