Getting on foreign 'radar screens'

By Yoke Har Lee

The New Zealand Trade Development Board does not have a sterling record in promoting foreign investments but the new man appointed to head the investment team Gary Langford will formulate a strategic plan to change all that.

Since he has taken on his job, he has been cultivating private sector views, calling research companies, businessmen and venture capitalists, to work on developing a formal strategy to lift the inflow of investment dollars into New Zealand.

One of the most immediate aspects of his work, he thinks, will be to continue getting New Zealand onto the "radar screen" of foreign investors.

An approach he is keen to explore is to catch those companies with innovative technologies that are falling through the cracks because they lack the necessary capital. This could be done by way of promoting co-investments between local and foreign venture capitalists in innovative New Zealand companies needing capital to get to the marketplace.

Targetting investments per se will not work but rather building companies to a stage where they are investment-ready is another approach he is keen to pursue.

Trade NZ, through working with DF Mainland which has brought the Corporation Builders (an organisation helping prepare companies to get investments) concept to New Zealand, has assisted candidates to go to Singapore to pitch to major venture capitalists.

The Special Investment Programme which is designed to target high-value investors, is also an area Mr Langford says is worthwhile.

"There are encouraging signs from those who have come and some have indicated an undertaking to invest either directly or through venture capital funds," he said.

On critics' assessment that Trade NZ does not have a good track record in promoting investments, Mr Langford said given the resources made available to the board, the results had been good.

His team comprises Wellington-based Guy Tapley (investment adviser), Nick Arathimos (special investment programme), Dr Hanna Frederick (call centre consultant) and two support staff and Auckland-based Paul Voight (millennium projects). Mr Langford, also based in Auckland, will be looking to recruit another investment specialist for the Auckland team.