New Zealand. A. Definitions and sources of data

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) 2000. 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

UNCTAD WID Country Profile: NEW ZEALAND Page 2 of 20 year ended March (www.stats.govt.nz). 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 2001. 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.

B. Statistics on FDI and the operations of TNCs

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, 2001-2004 (annual average) 3 488.3 163.8 2. FDI flows a as a percentage of GFCF, 2001-2004 (annual average) 13.7 0.8 3. FDI stocks, 2004 a 64 289.0 13 390.0 4. FDI stocks as a percentage of GDP, 2004 a 46.8 9.7 Sources : Based on tables 3a and 4 and UNCTAD, FDI/TNC database. a Data refer to fiscal year ending 31 March.

UNCTAD WID Country Profile: NEW ZEALAND Page 5 of 20 Table 3a. FDI flows, by type of investment, 1972-2004 (Millions of New Zealand dollars) Inward investment Outward investment Reinvested Reinvested Year Equity earnings Other Total Equity earnings Other Total 1972 18 36 43 98...... 11 1973 24 64 19 106...... 3 1974 6 91 56 153...... 14 1975 28 59 93 180...... 15 1976 39 69 7 115...... 18 1977 23 171 86 279...... 37 1978 62 123-25 159...... 31 1979 81 173 10 264...... 54 1980 51 84 208 343...... 73 1981 1 124 80 204...... 118 1982 89 209 68 366...... 115 1983 115 204 45 364...... 604 1984 59 308 21 205 2 88-3 54 1985 37 475 4 456 13 162 7 349 1986 100 454 284 745 16 149 5 166 1987 268 351 66 402 370 210-60 949 1988 132 521-243 238 173 251 659 938 1989 505 96-26 725 112 157-272 226 1990 2 970-301 63 2 824 1 524 1 028 2 196 3 961 1991-249 - 322 4 452 2 932 3 261 899-1 764 2 546 1992 1 795 494-1 199 2 026 818-143 - 893 728 1993 1 824 579 1 689 4 093 1 318-644 -3 243-2 570 1994 1 671 1 314 1 428 4 413 2 763 48 577 3 388 1995 1 229 2 078 1 035 4 343 500 537 1 681 2 718 1996 3 170 1 825 707 5 701-931 1 260-2 131-1 802 1997 1 186-788 2 502 2 900 665 566-3 599-2 368 1998 2 655 1 041-286 3 411-205 547 409 750 1999-81 9 1 852 1 779 8 101 1 295-7 367 2 029 2000 1 874-260 1 350 2 964 645 1 844-1 147 1 342 2001.. 482.. 10 049.... 15 513 2 172 2002-326 1 418-2 237-1 146...... -2 650 2003-1 722 1 701 1 176 1 155.... - 669-160 2004-824 1 565 3 154 3 895.... - 155 1 293 Source: Statistics New Zealand.

Year UNCTAD WID Country Profile: NEW ZEALAND Page 6 of 20 Equity Table 3b. FDI flows, by type of investment, 1972-2004 (Millions of dollars) Inward investment Reinvested earnings Intracompany loans Total Equity 1972 29 88 10 127-2 4 2 4 1973 8 153 46 208 3 5 11 19 1974 39 91 122 252 4 20-3 21 1975 47 115-24 138 1 18 2 22 1976 23 193 62 278 3 34-1 36 1977 59 144-49 154 4 36-8 32 1978 84 179 10 274 1 30 25 56 1979 52 86 213 351 6 51 17 75 1980 6 111 61 178 31 53 23 107 1981 57 161 57 275 20 80 4 104 1982 38 305-15 328-2 169-98 69 1983 36 236-97 175-3 91-14 75 1984 25 1 240-2 1 263 4 340 78 422 1985 43 1 070 152 1 266 8 280 21 309 1986 118 1 128-33 1 214 147 300 144 592 1987 37 1 276-28 1 284 51 334 50 435 1988 247 1 410 61 1 717 55 375-57 373 1989 1 396 144 87 1 627 691 596 608 1 896 1990 330-189 1 595 1 735 1 688 555-649 1 594 1991 730 148 411 1 290 837 116-263 690 1992 976 475 644 2 095 641-150 - 1 297-806 1993 923 620 806 2 350 1 306 154-184 1 276 1994 792 1 079 671 2 543 619 265 840 1 725 1995 3 143.. 515 3 659 452.. - 789-337 1996 811.. 1 419 2 231 695.. - 2 229-1 533 1997 2 326.. 298 2 624 383.. - 428-45 1998 506.. 685 1 191 3 757.. - 2 829 928 1999 628.. 783 1 412 2 248.. - 1 445 803 2000...... 3 370...... 1 300 2001...... 775...... - 1 144 2002-592 765 565 738...... 185 2003-850 973 2 315 2 438...... 299 2004...... 2 441...... 839 Source : International Monetary Fund, Balance of Payments CD ROM, March 2005. Outward investment Intracompany Reinvested earnings loans Total

UNCTAD WID Country Profile: NEW ZEALAND Page 7 of 20 Table 4. FDI stocks, by type of investment, 1995-2004 (Millions of New Zealand dollars) Inward investment Outward investment Reinvested Other Reinvested Other Year Equity earnings Total Equity earnings Total 1995 31 966.. 7 415 39 381 14 353.. -2 603 11 749 1996 40 695.. 8 518 49 212 18 812.. -5 649 13 163 1997 43 641.. 10 279 53 920 18 838.. -9 132 9 706 1998 50 618.. 12 335 62 953 19 340.. -8 920 10 421 1999 50 632.. 12 489 63 121 30 024.. -16 566 13 458 2000 50 969.. 12 798 63 766 31 449.. -17 671 13 778 2001 38 891.. 14 267 53 158 14 149.. 4 163 18 312 2002 38929.. 13766 52 695 11 562.. 2 673 14 235 2003 39429.. 14887 54 316 12 419.. 1 422 13 841 2004 45238.. 19051 64 289 12 177.. 1 212 13 390 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 2000. 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.

UNCTAD WID Country Profile: NEW ZEALAND Page 8 of 20 Table 4b. FDI stock, by type of investment, 1989-2003 (Millions of dollars) Year Inward investment Intracompany Equity and Reinvested earnings loans Total Outward investment Intracompany Equity and Reinvested earnings loans Total 1989 5 180.. 5 180 3 241-2 707 534 1990 7 113 826 7 938 4 389-1 120 3 269 1991 7 796 2 965 10 761 7 687-1 735 5 951 1992 9 693 2 851 12 545 7 169-888 6 282 1993 11 343 3 505 14 849 6 634-2 401 4 234 1994 15 311 4 004 19 315 7 449-2 286 5 163 1995 20 759 4 815 25 574 9 321-1 690 7 630 1996 27 604 5 778 33 381 12 760-3 832 8 928 1997 30 344 7 147 37 491 13 098-6 349 6 749 1998 28 053 6 836 34 889 10 718-4 943 5 775 1999 26 916 6 639 33 555 15 961-8 806 7 155 2000 16 278 6 820 23 098 6 579 649 7 229 2001 14 531 5 033 19 564 4 343 1 518 5 862 2002 20 582 7 673 28 255 6 287 1 065 7 353 2003 28 950 12 824 41 773 7 835 917 8 752 Source : International Monetary Fund, Balance of Payments CD ROM, March 2005.

UNCTAD WID Country Profile: NEW ZEALAND Page 9 of 20 Table 6. FDI flows in the host economy, by geographical origin, 1990-2004 (Millions of New Zealand dollars) Region/economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2 003 2004 Total world 2 824 2 932 2 026 4 093 4 413 4 343 5 701 2 900 3 411 1 779 2 964 10 049-1 146 1 155 3 895 Developed countries 2 638 2 708 1 022 3 781 4 076 3 425 4 900 2 178 4 554 2 812 2 863 7 559-432 2 711 3 467 Western Europe 751-387 928 588 1 592 640 568 1 242 1 725 1 178 977 6 260-1 011 1 045-5 149 European Union 751-387 928 608 1 570 533 520 1 221 1 709 1 097 1 240 6 265-969 1 037-5 083 Austria........ - - 2-1 1 22-4........ Belgium...... 6 13 5 21 15 16-21 - 6........ Denmark...... - 1 3 8 4-5 - 3 9-5........ Finland...... - - 2 2-1 5 19 5........ France...... - 31-8 - 5 150 2 15 6 -........ Germany...... 17 33 34 54-3 48-79 199 19 203 311 208 Greece...... - - - 1-1 - 1 1-1 -........ Ireland...... - 9 2 7-3 - 228-31 134........ Italy...... - - 3-3 - - 1-1 -........ Luxembourg...... - - - - - - - - 2........ Netherlands...... - 66 999 32-275 - 37-60 663-123.. - 1 195-19 - 533 Sweden...... - 2 21 16 15 4-1 9........ United Kingdom 735-537 761 694 509 450 553 1 122 1 463 501 1 119 1 964-133 744-4 563 Other Western Europe...... - 20 22 107 48 21 16 81-263 - 5-42 8-66 Liechtenstein...... - 1 1 - - 2 1 1........ Norway...... - - - - - - - 4-5........ Switzerland...... - 20 21 107 48 21 14 84-259 - 5-42 8-66 North America 271 3 716-796 143 1 553 1 817 2 884-455 - 282-2 385 494 641-1 038-327 1 079 Canada - 26 3 39 305 169 244 574-472 158-391 - 37.. 223.... United States 297 3 713-835 - 162 1 384 1 574 2 310 16-440 - 1 994 531.. - 1 261.... Other developed countries 1 616-621 890 3 050 931 968 1 448 1 391 3 111 4 019 1 392 658 1 617 1 993 7 537 Australia 1 237-728 879 3 096 878 1 018 1 402 1 214 3 085 2 506 1 527 1 104 1 253 2 039 7 518 Japan 379 107 11-46 53-50 46 177 26 1 513-135 - 446 364-46 19 Developing economies...... 315 153 381 225 1 075 80-790 172 1 472-488 - 1 802-847 Latin America and the Caribbean...... - 1 2-2 1 999-3 - 46-60 517-185 - 1 854-847 South America...... - - 1 1 4-1 - 2 1 -........ Argentina...... - - 1 1 4-1 - 2 1 -........ Other Latin America and Caribbean...... - 1-3 - 3 - - 1-46 - 60 517-185 - 1 854-847 Bahamas...... - 1-3 - - 1-3.... Bermuda...... - - - - - - - 35 517 1-1 854-847 British Virgin Islands...... - - - - - - - 43-99........ Netherlands Antilles...... - - - - - - 1 -........ Panama...... - - - - 3 - - 2-4 -........ Asia...... 306 158 379 213 74 85-715 231 955-303 52.. South, East and South-East Asia...... 306 158 379 213 74 85-715 231 955-303 52.. China............ 2.. - 5 89........ Hong Kong, China...... 35-56 375-512 - 63 720-73 179 548-293 14-49 Indonesia...... - - - - - - 2 -........ Malaysia...... 4-2 - 4 13-110 56-12........ Philippines........ - - - - - - - 1........ Republic of Korea...... - - - - - - - 1 -........ Singapore...... 255 210 310 261 11 218-702 - 27 407 212 38 49 Taiwan Province of China...... - - - 5-13 - 2 3........ Thailand...... - 3-1 - - 1 2 - - 1........ The Pacific...... 10-7 3 11 2-1 - 29 1........ American Samoa...... - - - 3.... 1 1-1........ Cook Islands...... 3-6 12 6-11 - 25 -........ Fiji...... 7-7 - 1 1-2 7-8 -........ Papua New Guinea...... - - 1-2 - 1 1 1 -........ Vanuatu...... - - - - - - 1 -........ Wallis and Futuna...... - - - - - - 1 2........ Central and Eastern Europe...... - - - - - - - 1........ Czech Republic...... - - - - - - - 1........ Unspecified 186 224 1 004-3 184 537 576-353 - 1 223-243 - 72 1 018-429 246 1 275 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 2000. 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.

UNCTAD WID Country Profile: NEW ZEALAND Page 10 of 20 Table 9. FDI flows abroad, by geographical destination, 1990-2004 (Millions of New Zealand dollars) Region/economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Total world 3 961 2 546 728-2 570 3 388 2 718-1 802-2 368 750 2 029 1 342 2 172-2 650-160 1 293 Developed countries 3 414 2 565 1 042-79 3 775 2 035-619 - 4 369 772 2 213 1 266 2 016-1 925-258 1 275 Western Europe - 449 3 359 665 560 848 1 154-58 - 4 466 261 1 515 395 4 849-315 - 172 36 European Union - 449 3 361 664 560 848 1 154-58 - 4 471 259 1 512 407 4 849-315 - 172 36 Belgium.. - 1-3 - 2 3-3 1 1 3 4 -........ Denmark.. - - - - - 2-2 5 3 -........ France.. - 1-4 - 1-1 - - 100 33 13........ Germany.. - 1-1 - 1 2 - - - 18-3 -...... 3 Italy.. - - - - - - - - - 1........ Netherlands.. 1 283 848 601 902 921-224 - 4 007 1 002 229 267 5 889...... Portugal.. - - - - - - - - 1 -........ United Kingdom - 361 2 082-174 - 37-58 533 142-463 - 869 1 251 117-1 117.. - 14.. Other Western Europe - - 1 - - - - - 5 2 3-12.... - - Switzerland - - 1 - - - - - 5 2 3-12 - - - - North America 445-260 78-408 1 837-929 - 586 6-576 458-75 - 2 433-2 317 96 534 Canada 408 150 36-318 1 894-1 029-671 - 19-638 320-182 - 3 295-1 170.. 5 United States 37-410 42-90 - 57 100 85 25 62 138 107 862-1 147.. 529 Other developed countries 3 418-534 299-231 1 090 1 809 25 92 1 087 240 946-400 707-182 705 Australia 3 402-539 305-255 1 115 1 806 45 89 1 105 227 906-249.. - 151.. Japan 16 5-6 24-25 3-21 3-18 13 39-151.. - 31.. South Africa - - - - - - - - - - 1........ Developing economies 550 84-1 727-1 327 456 685-1 221 1 729-203 - 685 580-517 229-88 - 327 Africa - - - - - - - - - 1 4........ North Africa - - - - - - - - - - 3........ Egypt - - - - - - - - - - 3........ Other Africa - - - - - - - - - 1 1........ Namibia - - - - - - - - - 1 1........ Latin America and the Caribbean - 146-640 1 067 241 3-120 - 1 303 2 186 68-23 367-544.. - 221.. South America - 5 2-3 - - - 14 4-37 92........ Argentina - - - - - - - - - - 13 19........ Bolivia - - - - - - -.. 2 6 84........ Brazil - 3-1 - 3 - - - - 1 1 2 7........ Chile - 2 3 3 3 - - - 13 - - - 7........ Venezuela - - - - - - - - 1-32 - 11........ Other Latin America and Caribbean - - - 2-5 - - 3-1 5 14 275-544.. - 221.. Bermuda - - - - - - - - - - 266-544.. - 221.. Mexico - - - 2-5 - - - - 1 2 12-2........ Panama - - - - - - 3-3 2 11........ Asia 689 724-2 792-1 575 449 806 81-464 - 276-673 67 27 229 133-327 West Asia - - - - - - - - - - 45........ Bahrain - - - - - - - - - - 45........ Saudi Arabia - - - - - - - - - - - 1........ United Arab Emirates - - - - - - - - - - 1........ South, East and South-East Asia - 100-1 413-1 575 449 806 81-464 - 276-673 22 27 229 133-327 Bangladesh - - - - - - - - - - - 1........ Brunei Darussalam - - - - - - - - - - - 6........ China - - - - - 1 1 - - - - 6-3........ Hong Kong, China - 81-1 433-1 693 434 774 30-488 - 543-706 117 169 406-182 - 94 India - - - - - 1 - - 2 3 10........ Indonesia - 1 1 7 - - 2-6 177 93 5........ Malaysia - 6-1 5 10 - - - - 12 12-43........ Republic of Korea - - - - 1 - - - 1-3........ Singapore - 10 16 105 6 29 53 31 99-73 - 53-142 - 177 315-233 Taiwan Province of China - - 4 - - - - - - 3 1........ Thailand - 3-1 - 2-4 - 1 - - - 8........ The Pacific - - - 7 5-1 1 7 5 10 142........ Cook Islands - - - - - - - - - - 130........ Fiji - - - 3 1-3 - 3 8 1 13........ Marshall Islands - - - - - - - - - - 1-4........ Papua New Guinea - - - 4 4 2-3 - 2 9 -........ Solomon Islands - - - - - - - - - - 1........ Tonga - - - - - - 1 1-2 1 2........ Central and Eastern Europe - - - - - - - - - - - 47........ Russian Federation - - - - - - - - - - - 47........ Unspecified - 3-103 1 413-1 164-843 - 2 39 272 181 501-457 673-954 186 345 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 2000. 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.

UNCTAD WID Country Profile: NEW ZEALAND Page 11 of 20 Table 12. FDI stocks in the host economy, by geographical origin, 1993-2004 (Millions of New Zealand dollars) Region/economy 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2 003 2 004 Total world 27 808 34 338 39 381 49 212 53 920 62 953 63 121 63 766 53 158 52 695 54 316 64 289 Developed countries 23 892 30 094 33 907 40 957 43 633 50 275 52 897 54 280 41 540 39 113 42 809 51 748 Western Europe 5 412 7 088 7 117 8 338 10 309 12 014 14 077 15 088 15 740 13 759 14 296 12 591 European Union 5 166 6 827 6 761 7 940 9 823 11 627 13 757 14 719 15 524 13 582 14 105 12 432 Austria - 3 1 1 2-23 -........ Belgium 15 33 34 24 27 38 15 8........ Denmark 21 23 26 26 14 16 46 43........ France 107 216 79 227 209 203 203 192........ Germany 147 176 202 250 243 265 241 590 343.... 1 211 Greece - - - - - - - 1-1........ Ireland - - - - - - - 941........ Italy 8 4-4 4 2 1 -........ Luxembourg - - - - - 2 7 -........ Netherlands 543 1 890 1 689 1 345 1 371 1 345 3 622 3 353 7 292 5 089 4 823 4 434 Portugal - - - - 1 - - -........ Spain - 1 2 1 1-1 1........ Sweden 80 101 99 137 142 127 201 212........ United Kingdom 4 233 4 317 4 595 5 894 6 894 8 509 8 586 9 242 6 836 6 575 7 200 5 572 Other Western Europe 246 260 356 398 486 387 320 369 216 177 191 159 Liechtenstein - 5 9 8 9 8 5 6........ Switzerland 246 255 346 390 477 379 315 363 216 177 191 159 North America 6 532 9 805 12 152 16 301 15 920 17 409 13 420 12 596 7 199 6 501 6 319 8 186 Canada 499 658 1 118 1 894 965 1 600 968 995.. 458 795 741 United States 6 033 9 148 11 034 14 407 14 955 15 809 12 452 11 601 7 199 6 043 5 524 7 445 Other developed countries 11 948 13 201 14 638 16 319 17 404 20 852 25 400 26 596 18 601 18 853 22 194 30 971 Australia 10 341 11 574 13 124 14 717 15 713 19 626 23 074 24 571 17 785 17 679 20 926 29 480 Japan 1 607 1 626 1 512 1 598 1 690 1 227 2 327 2 025 816 1 174 1 268 1 491 South Africa - 1 2 4 1-1 - 1 -........ Developing economies 2 668 7 870 4 427 4 819 7 202 3 856 2 516 2 667 2 171 2 083 1 837 2 082 Latin America and the Caribbean 13 125 26 2 3 263 2 386 301........ South America - - - 4 - - - 2 1 -........ Argentina - - - 4 - - - 2 - -........ Bolivia - - - - - - 1 -........ Other Latin America and Caribbean 13 8 30 2 6 4 385 301........ Antigua and Barbuda - - - - - - 1 1........ Bahamas - 4 3 2 3 2 3 5........ British Virgin Islands - - - - - - 381 294........ Mexico - - - - - - - 1 -........ Netherlands Antilles - - - - - - 1 1........ Panama - 4 26-3 2 - -........ Asia 2 655 7 736 4 212 4 790 3 933 3 324 2 097 2 362 2 171 2 083 1 837 2 082 West Asia - 4 317 - - - - - -........ United Arab Emirates - 4 317 - - - - - -........ South, East and South-East Asia 2 655 3 419 4 212 4 790 3 933 3 324 2 097 2 362 2 171 2 083 1 837 2 082 China - - - - - - - 247........ Hong Kong, China 999 1 153 1 612 1 439 1 355 1 117 875 1 067 1 054 738 772 757 Indonesia - - - - - 3 2 -........ Macau - 2 2 2 1 - - -........ Philippines - - 1-2 - 3 2 2........ Republic of Korea - 1 3 - - - 1 2 -........ Singapore 1 657 2 215 2 595 3 277 2 547 2 162 1 177 1 023 1 117 1 345 1 065 1 325 Taiwan Province of China - 44-73 30 23 21 23........ Thailand - 3 1 1-15 18 -........ The Pacific - 9 189 27 7 530 33 4........ American Samoa - - - 3-1 2 4-1........ Cook Islands - 1 175 - - 515 25 -........ Fiji - 1-3 1-1 2-1 - 1........ French Polynesia - 2 2 2 3 - - -........ Guam - 3 3 3 3 - - -........ New Caledonia - - 10 14-11 3 3........ Papua New Guinea - 2-2 1-1 - -........ Vanuatu - - 1 4 5-1 - -........ Wallis and Futuna - - - - - - 2 3........ Central and Eastern Europe - - - - - - - 1........ Czech Republic - - - - - - - 1........ Unspecified 1 248-3 626 1 047 3 436 3 085 8 822 7 708 6 818 9 447 11 499 9 670 10 459 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 2000. 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.

UNCTAD WID Country Profile: NEW ZEALAND Page 12 of 20 Table 15. FDI stocks abroad, by geographical destination, 1993-2004 (Millions of New Zealand dollars) Region/economy 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2 003 2 004 Total world 7 929 9 177 11 749 13 163 9 706 10 421 13 458 13 778 18 312 14 235 13 841 13 390 Developed countries 6 713 8 692 11 079 12 812 7 849 7 991 10 407 11 925 12 224 9 784 9 025 9 331 Western Europe 1 280 1 644 2 208 3 736-741 - 1 531-2 531-2 081 908 642 305 525 European Union 1 280 1 644 2 208 3 736-741 - 1 531-2 522-2 060 908 642 305 525 Belgium 2 5 - - - 6 11 114........ Denmark - - - 2-5 7 8........ France - 1 - - 3 207 304 296........ Germany.. 20.... 32 44 46 45........ Italy - - - - - - - 13........ Netherlands - 1 388-535.. 1 403-2 704-2 162-4 163-3 851...... - 1 190 Portugal - - - - - - 1 1........ Sweden - - - - - - 1 1........ United Kingdom 2 653 2 153 2 237 2 285 1 911 355 1 260 1 318.. 584 495 860 Other Western Europe - - -...... - 9-21 - - - - Switzerland - - -...... - 9-21 - - - - North America 1 707 2 959 2 367 2 954 2 725 2 286 3 374 3 423 2 224 939 526 958 Canada 1 469 2 729 2 082 2 671 2 446 1 959 2 917 2 833........ United States 238 230 285 283 279 327 457 590........ Other developed countries 3 726 4 088 6 504 6 122 5 865 7 236 9 564 10 583 9 092 8 203 8 194 7 848 Australia 3 314 4 000 6 437 6 037 5 774 7 146 9 438 10 404 9 078 8 119 8 123 7 828 Japan 412 88 65 84 90 88 116 167 14 84 71 20 South Africa - - 1 1 1 2 10 12........ Developing economies 1 037-589 2-1 489-232 - 524-1 015 481 781 773 1 424 232 Africa - - 1 1 1 1 4 7........ North Africa - - - - - - 3 5........ Egypt - - - - - - 3 5........ Other Africa - - 1 1 1 1 1 2........ Namibia - - 1 1 1 1 1 2........ Latin America and the Caribbean 1 765.. - 338-1 565 137 137 75 210 461 190 610.. South America - - 72 108 100 45 71 176........ Bolivia - - - - - - 34 115........ Brazil - - - - - - - 2........ Chile - - 72 108 100 45 37 39........ Venezuela - - - - - - - 20........ Other Latin America and Caribbean - - - - - - 4 34 461 190 610.. Bermuda - - - - - - - - 11 461 190 610.. Guatemala - - - - - - 4 4........ Mexico - - - - - - - 15........ Panama - - - - - - - 26........ Asia - 745-608 329 64-390 - 686-1 125 220 320 583 814 232 West Asia - - - - - 2 3 4........ United Arab Emirates - - - - - 2 3 4........ South, East and South-East Asia - 745-608 329 64-390 - 688-1 128 216 320 583 814 232 Bangladesh - - - - - - 2 -........ Brunei Darussalam - - - - - - - - 22........ China...... -.. - 96 101........ Hong Kong, China - 852-743 175-112 - 678-1 086-1 632-583 - 69 443 347 34 India - - - - - 1 3 -........ Indonesia - - - - - - - 427........ Malaysia.. 37.... 107 91 104 90........ Philippines - - - - - - 2 2........ Republic of Korea - 1-1 1 2 2 6........ Singapore 107 97 154 175 176 301 288 193 320 140 467 198 Taiwan Province of China -.. - - 1-2 1........ Thailand -...... 4 3 5 1........ The Pacific 17 19 10 11 19 24 31 44........ Fiji 17 17 10 11 19 22 27 36........ Papua New Guinea - - - - - - - 3........ Western Samoa - 2 - - - 2 4 5........ Central and Eastern Europe - - - - - - - 58........ Russian Federation - - - - - - - 58........ Unspecified 179 1 075 668 1 841 2 089 2 954 4 066 1 314 5 376 3 678 3 392 3 827 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 2000. 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.

UNCTAD WID Country Profile: NEW ZEALAND Page 13 of 20 Company Industry Sales Employees A. Industrial Fonterra Co-operative Group Foods 8 432 19 000 Carter Holt Harvey Limited Wood products 2 531 10 391 Fletcher Building Limited Wood products 1 881.. Alliance Group Limited Foods 1 144.. Affco Holdings Limited Foods 527 21 Wrightson Limited Chemicals 390.. Tenon Limited Wood products 389 1 494 Nuplex Industries Limited Chemicals 371.. Sanford Limited Foods 202.. Steel & Tube Holding Limited Metal products 193 736 Hellaby Holdings Limited Motor vehicles 165.. Michael Hill International Limited Jewelry manufacture 132.. Ebos Group Limited Precision instruments 132.. New Zealand Refining Company Limited Petroleum 123 303 Fisher & Paykel Healthcare Precision instruments 116 767 Cavalier Corp. Textile products 113 761 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 2 657 6 690 Air New Zealand Limited Transport and storage 2 124 10 165 The Warehouse Group Trade 1 183 15 308 Contact Energy Limited Electricity gas and water 720.. Fisher & Paykel Appliances Electricity gas and water 457.. NGC Holdings Electricity gas and water 364 409 Trustpower Limited Business services 363.. Toll NZ Limited Transport and storage 340 2 960 Pacific Retail Group Trade 336.. Richina Pacific Limited Construction 327 2 466 Sky City Entertainment Limited Entertainment 327.. Owens Group Limited Transport and storage 243 1 360 Pyne Gould Guinness Agricultural services 169.. C. Finance and Insurance Assets Employees Tower Limited Finance.... Dorchester Pacific Limited Finance.... Sources: Thomson Financial Piranhaweb (http://www.piranhaweb.com), Who Owns Whom, 2003 (London, Dun and Bradstreet Ltd., 2003), various company websites.

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 560 500 Carter Holt Harvey Australia Pty Ltd Australia Paper 540.. Milk Products Holdings (North America) Inc United States Food 400 180 Fletcher Challenge Forests Ltd Inc United States Wood and wood products 289.. Nufarm UK Ltd United Kingdom Chemicals 258 1 145 Fisher & Paykel Australia Pty Ltd Australia Electrical and electronic equipment 175 500 Asian New Zealand Meat Japan Co. Ltd Japan Food 126 55 Nuplex Operations (Aust) Pty Ltd Australia Chemicals 105 330 Affco New Zealand (USA) Inc United States Food 105 11 Shaw Industries Australia Pty Ltd Australia Textiles 103 850 New Zealand Beef K.K. Japan Food 101.. B Brooks (Norwich) Ltd United Kingdom Food 77 531 Richmond (Europe) SA Belgium Food 46 7 Ullrich Aluminium Pty. Limited Australia Metals 35 120 B. Tertiary Colonel Clints Crazy Bargain Stores Pty Ltd Australia Trade 257 2 200 Peters & Brownes Foods Ltd Australia Trade 256 1 286 Owens Group Australia Pty Ltd Australia Transport and storage 255 300 New Zealand Milk Products Japan Ltd Japan Trade 205 41 Enzafruit New Zealand (UK) Ltd United Kingdom Trade 95 42 Prouds Jewellers Pty Ltd Australia Trade 55 1 300 Mainfreight Distribution Pty Ltd Australia Transport and storage 45 15 Michael Hill Jeweller (Australia) Pty Ltd Australia Trade 44 700 Sealord (Europe) Ltd United Kingdom Trade 33 50 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 (http://www.piranhaweb.com);who 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 (http://profiles.wisi.com/); various company websites.

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 1 393 2 137 Denstree Corporation Ltd Netherlands Food 1 293 9 000 Methanex New Zealand Ltd Canada Chemicals 800 220 Pacific Dunlop Holdings (N.Z.) Ltd Australia Rubber and plastic products 364 1 200 BTR Nylex Holdings NZ LTD Australia Rubber and plastic products 354 1 600 IBM New Zealand Ltd United States Electrical and electronic equipment 334 600 Compaq Computer New Zealand Ltd United States Electrical and electronic equipment 300 400 Amcor Packaging (New Zealand) Ltd Australia Rubber and plastic products 300 1 300 Unilever New Zealand Ltd United Kingdom/Netherlands Diversified 294 684 Coca-Cola Amatil (N.Z.) Limited United States Beverages 287 800 Tech Pacific (N.Z.) Ltd Australia Electrical and electronic equipment 260 106 Benchmark Building Supplies Ltd Australia Wood and wood products 255 1 000 Ericsson Communications Ltd Sweden Electrical and electronic equipment 240 300 Hewlett Packard NZ Ltd United States Electrical and electronic equipment 221 101 Griffins Foods Ltd Singapore Food 218 860 B. Tertiary UNCTAD WID Country Profile: NEW ZEALAND Page 15 of 20 BP New Zealand Holdings LTD United Kingdom Trade 1 257.. Blue Star Group Ltd United States Trade 1 125 4 200 Shell New Zealand Holdings Company Ltd Netherlands/United Kingdom Trade 1 095 500 Caltex New Zealand Ltd United States Trade 692 280 Toyota New Zealand Ltd Japan Automotive trade and repair 488 711 Flight Centre (NZ) Ltd Australia Transport and storage 345 400 Honda New Zealand Ltd Japan Automotive trade and repair 300 500 Spotless Services (NZ) Ltd Australia Restaurants 250 3 000 Holden New Zealand Ltd United States Trade 232 29 Nissan Diesel New Zealand Ltd Japan Automotive trade and repair 206 85 Nissho Iwai New Zealand Ltd Japan Other business activities 166 11 Alstom New Zealand Holdings Ltd France Computer and related activities 153 1 050 Unisys New Zealand Ltd United States Computer and related activities 150 500 C. Finance and Insurance Assets Employees Bank of New Zealand Australia Finance 35 303 a 5 534 a The National Bank of New Zealand Ltd United Kingdom Finance 32 541.. ANZ Banking Group (NZ) Ltd Australia Finance 26 935 b 3 952 b ASB Bank Ltd Australia Finance 14 776 c 2 747 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 29 30 Jacques Martin New Zealand Ltd Australia Finance 19 150 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 (http://www.piranhaweb.com); Who Owns Whom, 2001 (London, Dun and Bradstreet Ltd, 2001); Global Researcher - Worldscope Database (CD-Rom), June 2001; Wright Company Analysis (http://profiles.wisi.com/); various company websites. a December 2000. b September 2000. c June 1999. d Data refer to premium fees. e June 2000.

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 (http://db.eiu.com/report_full.asp?valname=itbnz5&title=country+commerce+new+zealand). The United States Commercial Service. New Zealand Country Commercial Guide FY 2002, Internet (http://www.usatrade.gov/website/ccg.nsf/ccgurl/ccg-new_zealand 2002-CH-7:- 004E3E70);(http://www.usatrade.gov/website/ccg.nsf/CCGurl/CCG-NEW_ ZEA LA ND 2002 -CH-7:- 007C0961) Main legislations relating to FDI Partnership Act No. 139 of 1908. Companies Act No. 63 of 1955; effective 1 January 1957. Companies (Amendment) Act of 1963, 1988, Acts of 1993, 1995, 1996 and 1999. Corporations Investigation and Management Amendment Act of 1999. Companies Registration Amendment Act of 1993, 1994, 1997 and 1999. Trade and Industry Act No. 50 of 1956; effective 1 April 1957. Patent Act No. 64 of 1953; effective 1 January 1955. Patents (Amendment) Act of 1994; Act of 1999. Patents Regulations of 1954 (as amended) and of 1992. Trademarks Act No. 66 of 1953; effective 1 January 1955. Trade Marks (Amendment) Acts of 1994, 1999. Trademarks Regulations No. 222 of 1954 as amended.

UNCTAD WID Country Profile: NEW ZEALAND Page 17 of 20 Designs Act No. 65 of 1953; effective 1 January 1955. Designs (Amendment) Act of 1999. Copyrights Act No. 33 of 1962; Copyrights Act of 1994 (and subsequent amendments). Industrial Designs Act No. 22 of 1966; effective 15 November 1967. Layout Designs Amendment Acts of 1994 and 1999. Plant Variety Rights Act of 1987. Geographical Indications Act of 1994. Income Tax Act No. 65 of 1976; effective 1 April 1977. Income Tax (Amendment) Act No. 225 of 1988; Act of 1993, 1994, 1998 and 1999. Broadcasting Act No. 132 of 1976; effective 1 February 1977. Broadcasting Regulations No. 11 of 1977; effective 11 February 1977. Securities Transfer Act No. 20 of 1977; effective 28 August 1977. Securities Act No. 103 of 1978; effective: I May 1979; Securities (Amendment) Act No. 234 of 1988; effective I July 1989. Overseas Investment Act No. 14 of 30 July 1973; effective 30 July 1973. Overseas Investment Regulations No. 256 of 1985; effective 30 September 1985. Amendments: Overseas Investment Regulations of 1995, 1998 and 1999. Fish Royalties Act No. 140 of 1985; effective 29 October 1985. Fisheries Act of 1996. Commerce Act No. 5 of 1986; effective 1 May 1986. Fair Trading Act No. 121 of 1986; effective I M arch 1987. Fair Trading (Amendment) Act of 1997; Act of 1999. Takeovers Act of 1993. 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 1953. Telecommunications Amendment Act of 1994 Conservation Act No. 65 of 1987; effective 1 April 1987. Water and Soil Conservation Act No. 135 of 1967; effective 1 April 1968. Mining Act No. 25 of 1971; effective I January 1973. Financial Reporting Act 1993. 2. International framework a. Multilateral instruments

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 1958. 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 1980. ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy, adopted on 16 November 1977. 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 1995. Agreement on Trade-Related Aspects of Intellectual Property Rights, signed on 15 April 1994; in force on 1 January 1995. General Agreement on Trade in Services, signed on 15 April 1994; in force on 1 January 1995. Fourth Protocol to the General Agreement on Trade in Services of 15 February 1997. Fifth Protocol to the General Agreement on Trade in Services of 12 December 1997. b. Regional instruments Code of Liberalisation of Capital Movements, adopted by the Council of the Organization for Economic Cooperation and Development on 12 December 1961. 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 1991. 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 1976. 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 1995. 2. 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.

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. 31. 2. Astier, Henri, L'offensive internationale des grands groupes de Nouvelle-Zélande, Industrie et Développement International, Avril 1988, 36(410), pp. 200-203. 3. Berryman, W., B. Edlin and M. Smith, New Zealand: trade, investment survey, The Journal of Commerce; European edition, 841, October 27, 1986, pp. 13-18. 4. Bouck, Gary D., Invesment in New Zealand. Marketing in New Zealand, Overseas Business Reports (United States: Department of Commerce, 1989), pp. 23-32. 5. Blick durch die Wirtschaft, Investieren in Neuseeland?, 31, February 13, 1984, pp. 3, 13. 6. Brash, Don, Foreign investment in New Zealand, does it threaten our prosperity or our sovereignty?, Reserve Bank of New Zealand Bulletin, 58, 1995, pp. 249-254. 7. 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. 443. 10. 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. 1779-87. 13. Hamilton, Robert T. and Chow Yuen Kong, Why managers divest: evidence from New Zealand s largest companies, Strategic Management Journal, 14, 1993, pp. 479-484. 14. Hasseldine, D. J. and Tindell, P., Foreign investment policies: New Zealand, Bulletin for International Fiscal Documentation, 44 (5), 1990, pp. 241-242. 15. 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. 413-426. 16. 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).

UNCTAD WID Country Profile: NEW ZEALAND Page 20 of 20 18. 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. 493-509. 19. 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. 321-352. 20. Ratnayake, Ravi (eds.), Trade and the Environment: A New Zealand Perspective (Aldershot, U.K., 1999), pp. 97-125. 21. Scott-Kennel, Joanna, "Foreign Direct Investment: A Catalyst for Local Firm Development?", The European Journal of Development Research, Autumn 2004, 16 (3), p. 624. 22. Story, Mark, "What foreign ownership means for managers", New Zealand Management, July 2002, 49 (6), pp. 24-29. 23. 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. 391-401. 24. 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. 363-371. 25. World Trade Organization, Trade Policy Review: New Zealand (Geneva: WTO, 1996).