Thursday, July 22, 2010

Weak pound lures Kiwi investment

New Zealand has climbed up the rankings of countries investing in Britain, taking advantage of a weak pound.

It was among the top 20 investors into Britain, ranking 16th - up from 19th last year, with 24 NZ companies setting up in Britain in the last year.

Inward investment from New Zealand bucked the global trend, which saw figures drop around the world.

The United Kingdom High Commission says the number of investment projects in Britain fell by 7 per cent last year but investment into Europe dropped by an average of 10 per cent and global investment flows declined by around 40 per cent.

Dollar figures for investment were not available but New Zealand firms had invested in 24 "projects" in 2009-10, up from 18 the previous year.

The UK High Commissioner to New Zealand, Vicki Treadell, said the strong results from New Zealand showed Britain was a natural European investment destination for New Zealand.

"For many Kiwi companies the UK is the best place to start their international business experience. We work the same way and talk the same language," she said.

"The continued strength of the Kiwi dollar, as well as the UK's overall attractiveness as a destination for foreign investment, means it's a great time for Kiwi businesses in the UK."

Leading the number of investment projects last year was the United States with 484, followed by Japan with 107.

The New Zealand dollar was worth 46.8p last night.

By Grant Bradley

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