New Zealand. A. Definitions and sources of data

Transcription

1 New Zealand A. Definitions and sources of data Statistics New Zealand (SNZ) reports data on flows and stocks of foreign direct investment (FDI) in New Zealand, and New Zealand direct investment abroad (NZDIA). In line with international standards, direct investment (DI) is defined as an investment made to acquire a lasting interest in an enterprise resident in an economy other than the investor's, with the purpose of gaining an effective voice in the management of the acquired company. An "effective voice" in the New Zealand context is assumed when ten percent or more of the voting shares of a direct investment enterprise are owned by a direct investor. All transactions and positions between a financing subsidiary and its direct investor are recorded under direct investment, except for non-permanent debt positions and transactions between a bank and its financing subsidiary (recorded under portfolio or other investment depending on instrument type). Beginning with the June 2000 quarter balance-of-payments (BOP) release, DI data reported have been obtained through the Quarterly International Investment Survey (QIIS). This survey has been developed to compile quarterly BOP financial account and International Investment Position (IIP) data in line with the recommendations of the 5th edition of the IMF's Balance-of-Payments Manual. The Statistics Act 1975 provides the legal backing of the survey. The QIIS survey covers approximately 500 enterprises each quarter, including all enterprises that are significant to the survey. There are two versions of the survey questionnaire; one addressed to non-financial enterprises, and the other to the financial sector. The statistical unit is the enterprise or the group top enterprise if it is able to consolidate reports from its subsidiary companies. Data from the quarterly sample (QIIS) is supplemented by an annual collection (as at 31 March each year); the Annual International Investment Survey (AIIS) is designed to collect position data from those relevant enterprises not included in the regular quarterly QIIS sample. In addition, information from the AIIS is used to update the quarterly sample of enterprises. DI transaction and position data are reported at market value, except that some survey respondents report positions at book values. Prior to the June 2000 quarter, much of the financial account and IIP data were collected via the Annual Capital Investment Survey, on the basis of the 4th edition of the BOP Manual. A threshold of 25 percent ownership in equity capital was applied to determine a DI relationship. Effective in the June 2000 quarter, a new data collection vehicle and a full BPM5 methodology was introduced for the financial account, IIP, and international investment income. A new quarterly sample survey (QIIS) replaced the old annual survey and a 10 percent threshold defining direct investment were the key features of the new methodology. In addition, in respect of inwards direct investment, the new methodology specified individual investor holdings of 10 percent or more as direct investment, compared with total investor holdings of 25 percent or more in the previous methodology. As a result of the changes, the direct investment series from fiscal (March) year 2001 is not directly comparable with the series up to fiscal (March) The series up to fiscal (March) year 2000 have not been revised to reflect the new methodology. Statistics with a country and regional breakdown on DI transactions and positions are published annually in August, for the reference period of fiscal year 31 March. The statistics are released in the Hot Off The Press Balance of Payments and International Investment Position Posting date: 19 September 2005

2 UNCTAD WID Country Profile: NEW ZEALAND Page 2 of 20 year ended March ( The country classification of DI transactions and position reflects the first foreign counterpart. For the periods up to fiscal (March) year 2000, DI transactions and position data by region have not been revised according to the new methodology (described above), and therefore, are not strictly comparable to the data from At present SNZ does not compile data on the activities of foreign affiliates in New Zealand, New Zealand's TNCs or their affiliates abroad, although some investigation work on FATS is now underway. While SNZ compiles data on total investment by industry (i.e. the total of direct, portfolio and other investment), such data are not compiled for DI. The compilation of total investment by industry data follows the Australian and New Zealand Standard Industrial Classification (ANZSIC) 1996, and classifies by the economic activity of the enterprise resident in New Zealand.

3 B. Statistics on FDI and the operations of TNCs

4 UNCTAD WID Country Profile: NEW ZEALAND Page 4 of 20 Table 1. Summary of FDI (Millions of New Zealand dollars) Variable Inward Outward 1. FDI flows a, (annual average) FDI flows a as a percentage of GFCF, (annual average) FDI stocks, 2004 a FDI stocks as a percentage of GDP, 2004 a Sources : Based on tables 3a and 4 and UNCTAD, FDI/TNC database. a Data refer to fiscal year ending 31 March.

5 UNCTAD WID Country Profile: NEW ZEALAND Page 5 of 20 Table 3a. FDI flows, by type of investment, (Millions of New Zealand dollars) Inward investment Outward investment Reinvested Reinvested Year Equity earnings Other Total Equity earnings Other Total Source: Statistics New Zealand.

6 Year UNCTAD WID Country Profile: NEW ZEALAND Page 6 of 20 Equity Table 3b. FDI flows, by type of investment, (Millions of dollars) Inward investment Reinvested earnings Intracompany loans Total Equity Source : International Monetary Fund, Balance of Payments CD ROM, March Outward investment Intracompany Reinvested earnings loans Total

7 UNCTAD WID Country Profile: NEW ZEALAND Page 7 of 20 Table 4. FDI stocks, by type of investment, (Millions of New Zealand dollars) Inward investment Outward investment Reinvested Other Reinvested Other Year Equity earnings Total Equity earnings Total Source: Statistics New Zealand. Notes: Data refers to fiscal year ending 31 March. From 2001, the series is not directly comparable with the series up to This is due to the use from 2001 of full BPM5 methodology, including a 10 percent threshold defining direct investment. Data up to and including 2000 was compiled on a BPM4 basis and used a 25 percent threshold to define direct investment.

8 UNCTAD WID Country Profile: NEW ZEALAND Page 8 of 20 Table 4b. FDI stock, by type of investment, (Millions of dollars) Year Inward investment Intracompany Equity and Reinvested earnings loans Total Outward investment Intracompany Equity and Reinvested earnings loans Total Source : International Monetary Fund, Balance of Payments CD ROM, March 2005.

9 UNCTAD WID Country Profile: NEW ZEALAND Page 9 of 20 Table 6. FDI flows in the host economy, by geographical origin, (Millions of New Zealand dollars) Region/economy Total world Developed countries Western Europe European Union Austria Belgium Denmark Finland France Germany Greece Ireland Italy Luxembourg Netherlands Sweden United Kingdom Other Western Europe Liechtenstein Norway Switzerland North America Canada United States Other developed countries Australia Japan Developing economies Latin America and the Caribbean South America Argentina Other Latin America and Caribbean Bahamas Bermuda British Virgin Islands Netherlands Antilles Panama Asia South, East and South-East Asia China Hong Kong, China Indonesia Malaysia Philippines Republic of Korea Singapore Taiwan Province of China Thailand The Pacific American Samoa Cook Islands Fiji Papua New Guinea Vanuatu Wallis and Futuna Central and Eastern Europe Czech Republic Unspecified Source: Statistics New Zealand. Notes: Data refers to fiscal year ending 31 March. From 2001, the series is not directly comparable with the series up to This is due to the use from 2001 of full BPM5 methodology, including a 10 percent threshold defining direct investment. Data up to and including 2000 was compiled on a BPM4 basis and used a 25 percent threshold to define direct investment.

10 UNCTAD WID Country Profile: NEW ZEALAND Page 10 of 20 Table 9. FDI flows abroad, by geographical destination, (Millions of New Zealand dollars) Region/economy Total world Developed countries Western Europe European Union Belgium Denmark France Germany Italy Netherlands Portugal United Kingdom Other Western Europe Switzerland North America Canada United States Other developed countries Australia Japan South Africa Developing economies Africa North Africa Egypt Other Africa Namibia Latin America and the Caribbean South America Argentina Bolivia Brazil Chile Venezuela Other Latin America and Caribbean Bermuda Mexico Panama Asia West Asia Bahrain Saudi Arabia United Arab Emirates South, East and South-East Asia Bangladesh Brunei Darussalam China Hong Kong, China India Indonesia Malaysia Republic of Korea Singapore Taiwan Province of China Thailand The Pacific Cook Islands Fiji Marshall Islands Papua New Guinea Solomon Islands Tonga Central and Eastern Europe Russian Federation Unspecified Source: Statistics New Zealand. Notes: Data refers to fiscal year ending 31 March. From 2001, the series is not directly comparable with the series up to This is due to the use from 2001 of full BPM5 methodology, including a 10 percent threshold defining direct investment. Data up to and including 2000 was compiled on a BPM4 basis and used a 25 percent threshold to define direct investment.

11 UNCTAD WID Country Profile: NEW ZEALAND Page 11 of 20 Table 12. FDI stocks in the host economy, by geographical origin, (Millions of New Zealand dollars) Region/economy Total world Developed countries Western Europe European Union Austria Belgium Denmark France Germany Greece Ireland Italy Luxembourg Netherlands Portugal Spain Sweden United Kingdom Other Western Europe Liechtenstein Switzerland North America Canada United States Other developed countries Australia Japan South Africa Developing economies Latin America and the Caribbean South America Argentina Bolivia Other Latin America and Caribbean Antigua and Barbuda Bahamas British Virgin Islands Mexico Netherlands Antilles Panama Asia West Asia United Arab Emirates South, East and South-East Asia China Hong Kong, China Indonesia Macau Philippines Republic of Korea Singapore Taiwan Province of China Thailand The Pacific American Samoa Cook Islands Fiji French Polynesia Guam New Caledonia Papua New Guinea Vanuatu Wallis and Futuna Central and Eastern Europe Czech Republic Unspecified Source: Statistics New Zealand. Notes: Data refers to fiscal year ending 31 March. From 2001, the series is not directly comparable with the series up to This is due to the use from 2001 of full BPM5 methodology, including a 10 percent threshold defining direct investment. Data up to and including 2000 was compiled on a BPM4 basis and used a 25 percent threshold to define direct investment.

12 UNCTAD WID Country Profile: NEW ZEALAND Page 12 of 20 Table 15. FDI stocks abroad, by geographical destination, (Millions of New Zealand dollars) Region/economy Total world Developed countries Western Europe European Union Belgium Denmark France Germany Italy Netherlands Portugal Sweden United Kingdom Other Western Europe Switzerland North America Canada United States Other developed countries Australia Japan South Africa Developing economies Africa North Africa Egypt Other Africa Namibia Latin America and the Caribbean South America Bolivia Brazil Chile Venezuela Other Latin America and Caribbean Bermuda Guatemala Mexico Panama Asia West Asia United Arab Emirates South, East and South-East Asia Bangladesh Brunei Darussalam China Hong Kong, China India Indonesia Malaysia Philippines Republic of Korea Singapore Taiwan Province of China Thailand The Pacific Fiji Papua New Guinea Western Samoa Central and Eastern Europe Russian Federation Unspecified Source: Statistics New Zealand. Notes: Data refers to fiscal year ending 31 March. From 2001, the series is not directly comparable with the series up to This is due to the use from 2001 of full BPM5 methodology, including a 10 percent threshold defining direct investment. Data up to and including 2000 was compiled on a BPM4 basis and used a 25 percent threshold to define direct investment.

13 UNCTAD WID Country Profile: NEW ZEALAND Page 13 of 20 Company Industry Sales Employees A. Industrial Fonterra Co-operative Group Foods Carter Holt Harvey Limited Wood products Fletcher Building Limited Wood products Alliance Group Limited Foods Affco Holdings Limited Foods Wrightson Limited Chemicals Tenon Limited Wood products Nuplex Industries Limited Chemicals Sanford Limited Foods Steel & Tube Holding Limited Metal products Hellaby Holdings Limited Motor vehicles Michael Hill International Limited Jewelry manufacture Ebos Group Limited Precision instruments New Zealand Refining Company Limited Petroleum Fisher & Paykel Healthcare Precision instruments Cavalier Corp. Textile products Williams & Kettle Limited Agricultural products 78.. Skellmax Industries Rubber and plastic products 56.. B. Tertiary Table 86. Largest home-based TNCs, 2003 (Millions of United States Dollars and number) Telecom Corp. Of New Zealand Limited Telecommunications Air New Zealand Limited Transport and storage The Warehouse Group Trade Contact Energy Limited Electricity gas and water Fisher & Paykel Appliances Electricity gas and water NGC Holdings Electricity gas and water Trustpower Limited Business services Toll NZ Limited Transport and storage Pacific Retail Group Trade Richina Pacific Limited Construction Sky City Entertainment Limited Entertainment Owens Group Limited Transport and storage Pyne Gould Guinness Agricultural services C. Finance and Insurance Assets Employees Tower Limited Finance.... Dorchester Pacific Limited Finance.... Sources: Thomson Financial Piranhaweb ( Who Owns Whom, 2003 (London, Dun and Bradstreet Ltd., 2003), various company websites.

14 UNCTAD WID Country Profile: NEW ZEALAND Page 14 of 20 Table 87. Largest foreign affiliates of home-based TNCs, 2000 (Millions of United States dollars and number) Company Host economy Industry Sales Employees A. Industrial Fisher & Paykel Australia Holdings Ltd Australia Electrical and electronic equipment Carter Holt Harvey Australia Pty Ltd Australia Paper Milk Products Holdings (North America) Inc United States Food Fletcher Challenge Forests Ltd Inc United States Wood and wood products Nufarm UK Ltd United Kingdom Chemicals Fisher & Paykel Australia Pty Ltd Australia Electrical and electronic equipment Asian New Zealand Meat Japan Co. Ltd Japan Food Nuplex Operations (Aust) Pty Ltd Australia Chemicals Affco New Zealand (USA) Inc United States Food Shaw Industries Australia Pty Ltd Australia Textiles New Zealand Beef K.K. Japan Food B Brooks (Norwich) Ltd United Kingdom Food Richmond (Europe) SA Belgium Food 46 7 Ullrich Aluminium Pty. Limited Australia Metals B. Tertiary Colonel Clints Crazy Bargain Stores Pty Ltd Australia Trade Peters & Brownes Foods Ltd Australia Trade Owens Group Australia Pty Ltd Australia Transport and storage New Zealand Milk Products Japan Ltd Japan Trade Enzafruit New Zealand (UK) Ltd United Kingdom Trade Prouds Jewellers Pty Ltd Australia Trade Mainfreight Distribution Pty Ltd Australia Transport and storage Michael Hill Jeweller (Australia) Pty Ltd Australia Trade Sealord (Europe) Ltd United Kingdom Trade Blue Pacific Tours Co. Ltd Japan Tourism 30.. Advantage Group (Aust) Pty Ltd Australia Other business activities 13.. Enzacor Pty Limited Australia Transport and storage 11 9 Fulton Hogan Pty Ltd Australia Construction 9 50 Fletcher Morobe Papua New Guinea Construction 7.. C. Finance and Insurance Assets Employees Sources: The Banker's Almanac, 2001 (London, Reed Information Services Ltd, 2001); City Guide to Hungary (Budapest Business Journal/ITD Hungary, 1999); Classic Ratings Database, 2001 (New York, McGraw-Hill Companies, 2001); Foreign Investment in Latin America & the Caribbean (ECLAC, United Nations 2000); Thomson Financial Piranhaweb ( Owns Whom, 2001 (London, Dun and Bradstreet Ltd, 2001); Worldscope Database, June 2001; World Investment Directory Asia and the Pacific (Geneva, United Nations, 2000); World Investment Directory Central & Eastern Europe (Geneva, United Nations, forthcoming); Wright Company Analysis ( various company websites.

15 Table 88. Largest affiliates of foreign TNCs in the host economy, 1999 (Millions of New Zealand dollars and number) Company name Home Economy Industry Sales Employees A. Industrial Nufarm (NZ) Ltd Australia Chemicals Denstree Corporation Ltd Netherlands Food Methanex New Zealand Ltd Canada Chemicals Pacific Dunlop Holdings (N.Z.) Ltd Australia Rubber and plastic products BTR Nylex Holdings NZ LTD Australia Rubber and plastic products IBM New Zealand Ltd United States Electrical and electronic equipment Compaq Computer New Zealand Ltd United States Electrical and electronic equipment Amcor Packaging (New Zealand) Ltd Australia Rubber and plastic products Unilever New Zealand Ltd United Kingdom/Netherlands Diversified Coca-Cola Amatil (N.Z.) Limited United States Beverages Tech Pacific (N.Z.) Ltd Australia Electrical and electronic equipment Benchmark Building Supplies Ltd Australia Wood and wood products Ericsson Communications Ltd Sweden Electrical and electronic equipment Hewlett Packard NZ Ltd United States Electrical and electronic equipment Griffins Foods Ltd Singapore Food B. Tertiary UNCTAD WID Country Profile: NEW ZEALAND Page 15 of 20 BP New Zealand Holdings LTD United Kingdom Trade Blue Star Group Ltd United States Trade Shell New Zealand Holdings Company Ltd Netherlands/United Kingdom Trade Caltex New Zealand Ltd United States Trade Toyota New Zealand Ltd Japan Automotive trade and repair Flight Centre (NZ) Ltd Australia Transport and storage Honda New Zealand Ltd Japan Automotive trade and repair Spotless Services (NZ) Ltd Australia Restaurants Holden New Zealand Ltd United States Trade Nissan Diesel New Zealand Ltd Japan Automotive trade and repair Nissho Iwai New Zealand Ltd Japan Other business activities Alstom New Zealand Holdings Ltd France Computer and related activities Unisys New Zealand Ltd United States Computer and related activities C. Finance and Insurance Assets Employees Bank of New Zealand Australia Finance a a The National Bank of New Zealand Ltd United Kingdom Finance ANZ Banking Group (NZ) Ltd Australia Finance b b ASB Bank Ltd Australia Finance c c AMP New Zealand Office Trust Ltd Australia Finance 488 e 100 Lumley General Insurance (NZ) Ltd United Kingdom Insurance 118 d 185 Cigna Insurance New Zealand LTD United States Insurance 71 d 66 General Motors Acceptance Corporation (NZ) United States Finance Jacques Martin New Zealand Ltd Australia Finance Nichimen CO. (NZ) Ltd Japan Finance 15 7 MMI General Insurance (NZ) Ltd Australia Insurance 14 d 3 Capital Life Assurance LTD United Kingdom Insurance 10 d 27 Sources: The Banker's Almanac, 2001 (London, Reed Information Services Ltd, 2001); Classic Ratings Database, 2001 (New York, McGraw-Hill Companies, 2001); Thomson Financial Piranhaweb ( Who Owns Whom, 2001 (London, Dun and Bradstreet Ltd, 2001); Global Researcher - Worldscope Database (CD-Rom), June 2001; Wright Company Analysis ( various company websites. a December b September c June d Data refer to premium fees. e June 2000.

16 UNCTAD WID Country Profile: NEW ZEALAND Page 16 of 20 C. Legal framework for FDI 1. National policy framework Foreign direct investment in New Zealand is generally welcomed and encouraged. As of May 2001 the main features of the FDI regime include he following. Entry and establishment: Approval is required for all FDI (greenfield and acquisitions) involving more that 25 per cent foreign ownership or involving business or property worth more than NZD 10 million. Certain purchases of land are also subject to approval. Under the Overseas Investment Amendment Act (1995) the Overseas Investment Commission has the authority to approve the investments and to monitor them after approval to ensure they comply with the approval conditions. Ownership and control: Apart from the above ownership limitations applying to all FDI, there specific ownership limitations in a few industries, including fishing, telecommunications, airlines and opticians. Operational conditions: There are no performance requirements attached to foreign investment projects but maximising local content can be a consideration in government procurement contracts. Labelling of goods must not be misleading of origin. Foreign exchange controls: Capital inflows and repatriation are allowed freely subject to reporting requirements. Profits, royalties and fees and other investment related payments are freely transferable. Incentives: Incentives are available on a non-discriminatory basis for small businesses development. These incentives are channelled regionally through business development boards. Local authorities sometimes negotiate benefits and infrastructure commitments with privately run industrial parks for firms operating in them. Source: The Economist Intelligence Unit. Country Commerce New Zealand, May 2001,Internet ( The United States Commercial Service. New Zealand Country Commercial Guide FY 2002, Internet ( CH-7:- 004E3E70);( ZEA LA ND CH-7:- 007C0961) Main legislations relating to FDI Partnership Act No. 139 of Companies Act No. 63 of 1955; effective 1 January Companies (Amendment) Act of 1963, 1988, Acts of 1993, 1995, 1996 and Corporations Investigation and Management Amendment Act of Companies Registration Amendment Act of 1993, 1994, 1997 and Trade and Industry Act No. 50 of 1956; effective 1 April Patent Act No. 64 of 1953; effective 1 January Patents (Amendment) Act of 1994; Act of Patents Regulations of 1954 (as amended) and of Trademarks Act No. 66 of 1953; effective 1 January Trade Marks (Amendment) Acts of 1994, Trademarks Regulations No. 222 of 1954 as amended.

17 UNCTAD WID Country Profile: NEW ZEALAND Page 17 of 20 Designs Act No. 65 of 1953; effective 1 January Designs (Amendment) Act of Copyrights Act No. 33 of 1962; Copyrights Act of 1994 (and subsequent amendments). Industrial Designs Act No. 22 of 1966; effective 15 November Layout Designs Amendment Acts of 1994 and Plant Variety Rights Act of Geographical Indications Act of Income Tax Act No. 65 of 1976; effective 1 April Income Tax (Amendment) Act No. 225 of 1988; Act of 1993, 1994, 1998 and Broadcasting Act No. 132 of 1976; effective 1 February Broadcasting Regulations No. 11 of 1977; effective 11 February Securities Transfer Act No. 20 of 1977; effective 28 August Securities Act No. 103 of 1978; effective: I May 1979; Securities (Amendment) Act No. 234 of 1988; effective I July Overseas Investment Act No. 14 of 30 July 1973; effective 30 July Overseas Investment Regulations No. 256 of 1985; effective 30 September Amendments: Overseas Investment Regulations of 1995, 1998 and Fish Royalties Act No. 140 of 1985; effective 29 October Fisheries Act of Commerce Act No. 5 of 1986; effective 1 May Fair Trading Act No. 121 of 1986; effective I M arch Fair Trading (Amendment) Act of 1997; Act of Takeovers Act of Property Law Amendment Act of 1993, 1994 and 1995 Land Settlement Promotion and Land Acquisition Act No. 34 of 1952; Land Transfer Act No. 52 of 1952; effective 1 January Telecommunications Amendment Act of 1994 Conservation Act No. 65 of 1987; effective 1 April Water and Soil Conservation Act No. 135 of 1967; effective 1 April Mining Act No. 25 of 1971; effective I January Financial Reporting Act International framework a. Multilateral instruments

18 UNCTAD WID Country Profile: NEW ZEALAND Page 18 of 20 Paris Convention for the Protection of Industrial Property of 20 March 1883, ae amended and revised. New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 10 June Convention on the Settlement of Investment Disputes between States and Nationals of Other States of 18 March 1965, signed on 2 September 1970, effective 2 May ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy, adopted on 16 November The Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices, adopted on 5 December 1980 by the General Assembly of the United Nations (resolution 35/63). Agreement on Trade-Related Investment Measures, signed on 15 April 1994; in force on 1 January Agreement on Trade-Related Aspects of Intellectual Property Rights, signed on 15 April 1994; in force on 1 January General Agreement on Trade in Services, signed on 15 April 1994; in force on 1 January Fourth Protocol to the General Agreement on Trade in Services of 15 February Fifth Protocol to the General Agreement on Trade in Services of 12 December b. Regional instruments Code of Liberalisation of Capital Movements, adopted by the Council of the Organization for Economic Cooperation and Development on 12 December The Code was amended on several occasions. Code of Liberalisation of Current Invisible Operations, adopted by the Council of the Organisation for Economic Cooperation and Development on 12 December The Code has been amended on several occasions. Declaration on International Investment and Multilateral Enterprises, adopted by the Council of the Organisation for Economic Cooperation and Development on 21 June The Declaration and the Guidelines for Multinational Enterprises attached to the Declaration were revised on several occasions (1979, 1984, 1991 and 2000). APEC Non-Binding Investment Principles of 12 November 1994, effective on the same date. c. Bilateral treaties 1. Bilateral investment treaty for the protection and promotion of investments with Chile 22 July 1999; China 22 Nov 1988; Hong Kong, China 6 July Bilateral treaties for the avoidance of double taxation with Australia 8 Nov 1972; Australia 27 Jan 1995; Belgium 15 Sept 1981; Canada 13 May 1980; Chile 10 Dec 2003; China 16 Sept 1986; Denmark 10 Oct 1980; and 12 March 1985; Fiji 27 Oct 1976; Finland 12 March 1982; France 30 Nov 1979; Germany 20 Oct 1978; India 17 Oct 1986; India 21 June 1999; Indonesia 25 March 1987; Ireland 19 Sept 1986; Italy 6 Dec 1979; Japan 30 Jan 1963; Korea, Republic of 6 Oct 1981; and 14 July 1997; Malaysia 19 March 1976; Netherlands 15 Oct 1980; 20 Dec 2001; and 20 Dec 2001; Norway 20 April 1982; Philippines 29 April 1980; and 21 Feb 2002; Singapore 21 Aug 1973; South Africa 6 Feb 2002; Sweden 21 Feb 1979; Switzerland 6 June 1980; Taiwan Province of China 11 Nov 1996; Thailand 22 Oct 1998; United Arab Emirates 23 Sept 2003; United Kingdom 4 Aug 1983; and 4 Aug 2003; United States 23 July 1982.

19 UNCTAD WID Country Profile: NEW ZEALAND Page 19 of 20 D. Sources of information Official Statistics New Zealand Overseas Investment Commission Reserve Bank of New Zealand Secondary 1. Anonymous, "Foreign direct investment drops", Chartered Accountants Journal of New Zealand, Oct 2003, 82 (9), p Astier, Henri, L'offensive internationale des grands groupes de Nouvelle-Zélande, Industrie et Développement International, Avril 1988, 36(410), pp Berryman, W., B. Edlin and M. Smith, New Zealand: trade, investment survey, The Journal of Commerce; European edition, 841, October 27, 1986, pp Bouck, Gary D., Invesment in New Zealand. Marketing in New Zealand, Overseas Business Reports (United States: Department of Commerce, 1989), pp Blick durch die Wirtschaft, Investieren in Neuseeland?, 31, February 13, 1984, pp. 3, Brash, Don, Foreign investment in New Zealand, does it threaten our prosperity or our sovereignty?, Reserve Bank of New Zealand Bulletin, 58, 1995, pp Brookfield, Brandon, Guide to the Principal Laws and Regulations Which Govern Investment and Business in New Zealand (Auckland, New Zealand, 1986), 25 p. 8. Bureau of Industry Economics, Australian Direct Investment in New Zealand (Canberra, Australian Government Publication Service, 1983), 57 p. 9. Chung, Henry F. L and Peter Enderwick, "An investigation of market entry strategy selection: Exporting vs foreign direct investment modes - a home-host country scenario", Asia Pacific Journal of Management, Dec 2001, 18 (4), p Economist Intelligence Unit (EIU) ViewsWire, "New Zealand: 5-year forecast - Foreign direct investment", (New York, Feb 3, 2003). 11. Ernst & Young, Doing Business in New Zealand, International Business Series (New York: Ernst & Young International, 1991). 12. Filippaios, Fragkiskos, M. Papanastassiou and R. Pearce, The evolution of US outward foreign direct investment in the Pacific Rim: A cross-time and country analysis, Applied Economics, November 2003, 35(16), pp Hamilton, Robert T. and Chow Yuen Kong, Why managers divest: evidence from New Zealand s largest companies, Strategic Management Journal, 14, 1993, pp Hasseldine, D. J. and Tindell, P., Foreign investment policies: New Zealand, Bulletin for International Fiscal Documentation, 44 (5), 1990, pp Joseph, Richard A., Direct foreign investment in telecommunications: a review of attitudes in Australia, New Zealand, France, Germany and the UK, Telecommunications Policy, 19(5), July 1995, pp KPMG Peat Marwick, Investment in New Zealand (Auckland: KPMG Peat Marwick, 1989, 5 th ed.). 17. Organisation for Economic Co-operation and Development, OECD Reviews on Foreign Direct Investment: New Zealand (Paris: OECD, 1993).

20 UNCTAD WID Country Profile: NEW ZEALAND Page 20 of Prebble, John, Recognition of foreign enterprises as taxable entities: New Zealand, International Fiscal Association (ed.), Recognition of Foreign Enterprises as Taxable Entities, Studies on International Fiscal Law Series, vol. 73a (Deventer, the Netherlands and Norwell, Mass.: Kluwer Law and Taxation for the International Fiscal Association, 1988), pp Prebble, John, Costs of compliance with the New Zealand controlled foreign company regime, in Cedric Sandford (ed.), Tax Compliance Costs: Measurement and Policy (Bath, United Kingdom: Fiscal Publications in Association with the Institute for Fiscal Studies, 1995), pp Ratnayake, Ravi (eds.), Trade and the Environment: A New Zealand Perspective (Aldershot, U.K., 1999), pp Scott-Kennel, Joanna, "Foreign Direct Investment: A Catalyst for Local Firm Development?", The European Journal of Development Research, Autumn 2004, 16 (3), p Story, Mark, "What foreign ownership means for managers", New Zealand Management, July 2002, 49 (6), pp Tucker, Hyde, Evaluating investment opportunities: Bell atlantic s approach and the New Zealand experience, in Bjorn Wellenius and Peter A. Stern (eds.), Implementing Reforms in the Telecommunications Sector: Lessons from Experience, Regional and Sectoral studies (Washington, D.C.: World Bank, 1994), pp Wilkinson, Brett, New Zealand: Dividend imputation in the context of globalization: extension of the New Zealand foreign investor tax credit regime to non-resident direct investors, Bulletin for International Fiscal Documentation, 51 (8-9), 1997, pp World Trade Organization, Trade Policy Review: New Zealand (Geneva: WTO, 1996).