Review will encourage investment into NZ - Key

Prime Minister John Key has told the Act Party conference a review into the Overseas Investment Act will be announced next week. Photo / Mark Mitchell

The Prime Minister is keen to open the door to foreign investors.

In a speech to the Act Party conference today, John Key said a review of the Overseas Investment Act will be announced by Finance Minister Bill English next week.

The review aims to create an overseas investment screening regime that encourages investment into New Zealand while protecting sensitive land, assets and resources.

Mr Key also told the meeting that New Zealand is in a better position than many other countries to withstand the worst global economic downturn seen in more than a generation but the significant challenges it faces include falling growth rates, lower commodity prices, falling demand for New Zealand's exports, operating deficits and rising unemployment.

He says the Government is determined to keep the economy running as strongly as possible and take the sharpest edges off the recession.

- NEWSTALK ZB