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Speaker 1: Today we'll officially have a new regulatory body for overseas investment.

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Speaker 1: Invest in Z is an agency set up to help

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Speaker 1: attract and retain large investment from overseas buyers. Responsible Minister

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Speaker 1: Tom McLay hopes us will create jobs and boost productivity.

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Speaker 1: Catherine Beds, the Business in ZED advocacy director, with us

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Speaker 1: this morning. Catherine, good morning, Good morning. So this is

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Speaker 1: obviously going to be an expensive exercise. I think forty

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Speaker 1: five million dollars over the next few years. Are we

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Speaker 1: sure eighty five million dollars over four years to establish

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Speaker 1: it and it's as itself as an autonomous Crown entity.

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Speaker 1: Is it going to be worth it? Do we think?

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Speaker 2: Oh, look, we definitely had to do something, Ryan.

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Speaker 3: We are one of the hardest places to invest in

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Speaker 3: the OECD and as everybody knows, investment is the lifeblood

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Speaker 3: of economic success, so we definitely needed to make it

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Speaker 3: easier and I think this is a really good start.

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Speaker 3: It will be much much more of a bespoke consuer

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Speaker 3: sort of approach. I think they've looked at Ireland and

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Speaker 3: other countries that do it far better.

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Speaker 2: Than we do, and my understanding is it's going to be.

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Speaker 3: Quite a small lean and mean agency as well, and

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Speaker 3: they're taking some of that work away from MZTE, so

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Speaker 3: hopefully it's not going to be too expensive.

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Speaker 1: Right, And do you what sort of people do you

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Speaker 1: think that they'll be hiring.

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Speaker 3: Look, I've heard that it'll be people with really good

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Speaker 3: rolodecks of international investors in connections, so they should be

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Speaker 3: well connected to investors around the world, and you know,

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Speaker 3: they should be also looking at where the opportunities are

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Speaker 3: here and where our gaps are and where.

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Speaker 2: We actually need investment. So well connected people.

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Speaker 3: Not a lot of them my understanding, but well connected

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Speaker 3: all right.

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Speaker 1: So we will live and across our fingers and hope

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Speaker 1: and pray that this works. We need to, of course,

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Speaker 1: have attractive investments here to begin with. Is this is

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Speaker 1: our problem just cosmetic we're not advertising ourselves well enough

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Speaker 1: or are there a lack of viable attractive deals.

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Speaker 3: Look, I think there'll be a lot to invest in

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Speaker 3: in New Zealand. You know, as you know, we have

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Speaker 3: a big infrastructure deficit. There's a lot of spending that

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Speaker 3: needs to be done. And yeah, and you know, look,

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Speaker 3: I think we've got a lot of opportunities in the

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Speaker 3: future if we get into some more long term thinking

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Speaker 3: and you know business is Zealand we're advocating thirty years.

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Speaker 2: You know, have a thirty year horizon.

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Speaker 3: What will we need, what could we be great at

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Speaker 3: and let's have a plan.

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Speaker 2: And get on with it.

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Speaker 1: Catherine, appreciate your time this morning. Thank you for coming on.

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Speaker 1: Catherine Beard. Business Ends Advocacy Directed.

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Speaker 3: For more from Early edition with Ryan Bridge.

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Speaker 1: Listen live to news Talks.

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