✨ Government Policy and Economic Strategy
28 AUGUST NEW ZEALAND GAZETTE 3349
promotion agency, Invest New Zealand, to attract more productive foreign direct
investment.
The new agency will be backed up with more targeted programmes designed to
increase inbound greenfields investment with a focus on the biotechnology, ICT
and creative industries areas. The taxation issues relating to inbound
investment will be dealt with. On these matters a more pragmatic stance will
be taken focussing on what works in practice using overseas as well as
New Zealand experience.
My government will also continue to build up the New Zealand Superannuation
Fund and promote diversification of the Government Superannuation Fund and
the Natural Disaster Fund to assist the deepening of capital markets.
Investment needs to be attracted, in particular, into areas of innovation. The
Growth and Innovation framework was released earlier this year. The next
three years will see more progress in filling out the details of the strategy and
implementing it.
The full potential of our economy will only be realised if we build on our sources
of natural advantage and deepen the competencies that are associated with
them. This means putting extra resources into enhancing capability and
connectedness in the areas of biotechnology, information and communications
technology and the creative industries.
My government will, therefore, work with the Growth and Innovation Advisory
Board to provide ongoing advice on initiatives needed for effective
implementation of the Growth and Innovation framework. It will also support the
work of the taskforces in the three identified key strategic areas.
In addition, increased funding will be provided for basic research through the
Marsden Fund, the New Economy Research Fund, and support for Centres of
Research Excellence. Increased funding will also be provided for consortium
funding in conjunction with the private sector and Technology New Zealand.
Biotechnology is one of the three identified areas of strategic priority. It is an
area of both natural and acquired comparative advantage for New Zealand. It
will be crucial to assisting in meeting our Kyoto obligations with respect to
greenhouse gas emissions from the primary sector where, indeed, the
opportunity is available for New Zealand to be a world leader in applied
research.
By no means all of biotechnology research involves genetic research and by no
means all of the latter involves genetic engineering or modification. But the
importance of genetic engineering and modification is increasing in a range of
areas.
The Royal Commission on Genetic Modification recommended a precautionary
approach which preserved options for the future. My government endorses that
approach. For that reason, the existing legislation with respect to the
moratorium on the commercial release of GM organisms will not be extended
but a strict regulatory framework will be maintained.
The effectiveness of the Environmental Risk Management Authority is a key
element in this regulatory framework. The government therefore believes it is
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 125
Gazette.govt.nz —
NZ Gazette 2002, No 125
✨ LLM interpretation of page content
🏛️
Government Policy and Economic Strategy
(continued from previous page)
🏛️ Governance & Central AdministrationMigrants, Skills, Infrastructure, Innovation, Land Transport, Rail, Air Services, Energy, Tourism, Investment