New Zealand/Australian Business Investment Forum

I'm sure I don't need to convince you how important migration is to the economy, but it's worth pausing for a moment and just thinking about some of the figures.

Migrants are worth $1.9 billion to the New Zealand economy every year.

And they make a significant net fiscal contribution - $2,680 per head, compared to $915 per head for the New Zealand-born population.  

International students alone pump $2.3 billion in foreign exchange into the economy.

Immigration inflows can make a very real difference to our economy.

Migrants fill acute skills shortages, removing constraints that prevent our businesses growing. 

Opening New Zealand to investors and entrepreneurs also makes perfect economic sense.

New Zealand is not alone in trying to attract investment capital, which is why our immigration policies must be competitive. 

Getting investors and entrepreneurs to invest in New Zealand is a goal for my government. 

We need their skills, networks and capital to help grow our economy.

Up till now too many prospective migrants have been put off by the bureaucratic obstacle course.

We've listened to them and acted.

That's where our new business migration policies come in.

After all: actions speak louder than words.

We've made it that much easier for business migrants to come to New Zealand and bring their wealth of experience, expertise and, that most valuable of tradable commodities: international networks. 

These are crucial if New Zealand is to grow and extend its international markets.

I want to echo the sentiments of the Finance Minister when I say that New Zealand is open for business.

We are actively seeking new investors.

And I'm pleased to report that investors are getting the message.

In the seven months since the new policies took effect, Immigration New Zealand has received more than 200 expressions of interest, invitations to apply and applications from investors across the world with a potential value of $237 million in initial investments.

But it's not just the money these investors bring to our shores which counts.

They not only contribute to New Zealand's economic development but also our social fabric.

We can't afford to be inward looking - though it might well be the remoteness and sheer beauty of our wonderful country that attracts migrants here in the first place.

A recent report by the Department of Labour showed very clearly the dramatic consequences for our economy if we were to close off immigration entirely.

By 2021 - just one decade - New Zealand's population would drop by 9.6 per cent.

Our GDP would drop by 11.3 per cent.

There would be a 10.9 per cent drop in the available labour force.

The export sector would be savaged with volumes dropping by 12.9 per cent.

And to complete the picture, GDP per capita would fall by 1.8 percent - $1,000 for every man and woman.

So I'm sure you understand where I'm coming from when I say that attracting business migrants and investors is absolutely crucial to the future of New Zealand. 

It is an important component of ensuring we continue to compete on the world stage.

In the current economic climate, access to this type of private investment is more important than ever. 

The international credit market has tightened and everyone needs to get creative about accessing new and different sources of capital.

Although business migration is an area historically fraught with difficulty, this government's new policies have, I believe, managed to strike the right balance of openness and clarity while still managing the risks inherent in complex financial transactions.

But of course we also had to consider how to ensure business migrants are treated as the premium clients they are.

After all, of all migrant groups, business migrants have the widest range of options available to them when it comes to international investment and migration.

You won't need telling that, international studies regularly rank New Zealand highly across a range of business fundamentals such as:

• 1. The openness and transparency of our economy
• 2. An almost complete lack of corruption
• 3. And a high score for protecting investors

But essentially, when it comes to migrants and what it is that they are ultimately seeking, New Zealand, more than any other country, can offer the icing on the cake.

New Zealand migrants enjoy a higher quality lifestyle, more space to breathe; more security and safety.

Recent research showed that 93 per cent of migrants reported they were satisfied or very satisfied with life in New Zealand. 

Almost 80 per cent said our environment and natural beauty was what they like most about New Zealand.

So for investors, New Zealand offers a significant return on investment in both personal and financial terms.

I said earlier that New Zealand needs to bring itself closer to world markets.

While free trade agreements with countries like China provide our businesses with a real advantage, we are still geographically distant from those we are looking to increase trade and investment with.

The challenge is in managing that distance.

One of the benefits of being a small, resourceful and resource-rich nation is that we are very well connected with each other.

Doing business in New Zealand is based on networks and relationships.

We need to take this fact and become more outward-looking, especially in relation to those who take a chance on New Zealand by moving and investing here.

As part of the government's new range of policies we've introduced a client management function for investors to help ensure that business migrants are offered connections to New Zealand's entrepreneur and business investment networks.

I urge you to welcome these people will open arms.

There are a range of policies designed to suit individual needs and requirements.

A good first start for potential investors is our new website, which we're launching today: www.investmentnow.govt.nz

The site offers prospective investors the ability to register with us, enabling us to keep in touch with them and refer them to the networks with whom they need to engage.

It's up to the investor which category to apply under.

But they can get help and expertise every step of the way from Immigration New Zealand.

It can guide investor clients through the entire process - from that first email or phone call right through to making connections and ultimately receiving their prized New Zealand residence.

So to those considering migrating to and investing in New Zealand - we very much want to talk to you.

If you're considering a new home, New Zealand is one of the smartest long-term investments you will make.

Thank you.