New promotional agency to attract investors

4.20

A new promotional agency is to be created to attract investment into New Zealand.

The agency will arise from a merger of the Investment New Zealand arm of Trade New Zealand, and Industry New Zealand's Major Investment Service. Its initial budget will be $14.5 million.

Dr Cullen said the merger would create a single, world-class investment promotion agency which would operate under the wing of Industry New Zealand.

He anticipated that as the new agency grew, it would receive increased funding to generate greater investment.

The agency was one of the recommendations in a report from the Boston Consulting Group and Dr Cullen said the Government intended to implement other recommendations in the report.

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