18 Nov 2010

Enough checks and balances on overseas investment in NZ - PM

9:09 am on 18 November 2010

The Prime Minister has told Federated Farmers the Government is confident it has enough checks and balances in place to control overseas investment in New Zealand land, without stifling the benefits it brings.

John Key outlined adjustments made to overseas investment rules when he spoke to the Federation's national council on Wednesday.

He pointed out that the wine industry has developed to its current size largely due to overseas investment.

But he said the Government would have concerns about any large scale aggregation of land under foreign ownership and that influenced the changes it's made to the rules.

Mr Key said says the latest figures show that while overseas interests have more than $60 billion invested in this country, New Zealanders have invested more than $50 billion abroad.