Speaking to reporters at his weekly press conference this afternoon, Mr Key said the OIO data did not provide a complete picture because it only included investment above a specified threshold.
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Overall, North America, Europe and Australia were the biggest investors in 2013-14 at 59%, the report shows, with Chinese making up 14% of total direct investment during this period. Numerous investments were in processing and sectors which added value to commodities.
Green Party co-leader James Shaw is also anxious about the sale of productive land to offshore interests.
“I don’t think it’s alarming”, Mr Key said.
The survey is based on data from the Overseas Investment Office and covers assets like farmland, office buildings and businesses. The Government has no idea how much has been sold and whether those owners are living up to the OIO’s requirements to create jobs and bring economic benefits over and above what a New Zealand investor would.
Mr Little accused the OIO of not following up on foreigners they allow to invest in New Zealand.
“Since 2005, 716 investors were given the right to purchase sensitive land (5ha or more) and had to quantify what the additional value is that they would offer”.
“We would make it mandatory for an annual report to be published outlining the value foreign investment has added to New Zealand’s economy and communities”.
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KPMG has released a report about the extent of foreign ownership in New Zealand and the biggest players.
