New Zealand sets out principles for foreign investment reform

Sydney: New Zealand's government has agreed to principles that will guide proposed changes to the country's foreign investment laws, Associate Finance Minister David Seymour said on Saturday.

"Cabinet has agreed to the principles for reforming our overseas investment law," Seymour said in a statement.

"The new starting point is that investment can proceed unless there is an identified risk to New Zealand’s interests. This process will be guided by a government policy statement."

Under the principles, agreed by cabinet, the country's Overseas Investment Act would retain its current scope but be amended to fast-track an assessment process, he said.

The government would have flexibility to "call-in" investments for "detailed scrutiny on a case-by-case basis", according to the statement, which said the government aimed to pass legislation on the issue before the end of next year.

Seymour, part of a conservative coalition government that took office last year and has started undoing policies of previous governments, said "attracting more overseas investment is a vital part of the government’s economic strategy".