24 Sep 2012

'Too many' high-tech companies sold overseas

10:00 pm on 24 September 2012

The Labour Party is worried too many of the country's high-tech companies are being sold overseas.

Labour's economic development spokesperson David Cunliffe says it has been revealed that 32 of New Zealand's high-tech companies have been sold overseas in the past decade.

He says that shows that present economic policies are not working.

Mr Cunliffe says it is not solely the fault of the National-led Government but its policies are not helping.

He criticises its monetary policy and its dumping of the former Labour-led Government's research and development tax credits.

Mr Cunliffe says the Government should also do more to help companies take advantage of the $6 trillion global market in clean technology.