1. Hon MARIAN HOBBS (Labour—Wellington Central) Link to this
to the Minister for Economic Development
What steps is the Government taking to promote investment in the venture capital market in New Zealand?
Hon TREVOR MALLARD (Minister for Economic Development) Link to this
Budget 2006 delivered an additional $60 million boost to the Venture Investment Fund that, with private sector leveraging, will deliver $180 million to young firms with high growth potential. Through the fund we hope to speed up the commercialisation of new research and innovation, and turn them into successful business opportunities.
Has he seen any evidence that alternative views on foreign investment in Australia have been considered?
Hon TREVOR MALLARD Link to this
Yes. I happen to have a copy of a document on foreign investment in Australian industry. It is essentially an exercise in how to sell one’s country.
R Doug WoolertonCan the Minister confirm that as part of the confidence and supply agreement between the Government and New Zealand First, 2007 has been nominated as Export Year, and that this venture capital funding is part of the preparation for 2007?
Hon TREVOR MALLARD Link to this
“Yes.” to the first part, and “I am sure it will help.” as far as the second part is concerned.
Has the report he referred to in his answer to my second supplementary question been used extensively?
Hon TREVOR MALLARD Link to this
I think the short answer is no. A copy of the book has been borrowed from the Parliamentary Library three times since 1969, when it first went there. In fact, the most recent borrower was the late Rt Hon Sir Robert Muldoon, who borrowed it in 1986. I think it is fair to say that this book on selling out one’s country has not been a universal success. The author, of course, is Donald Brash.