UK woos Kiwi business

By Graeme Kennedy

Friday 20th December 2002

The UK is encouraging small New Zealand businesses with export potential to establish themselves in Britain and launch into the wider European market.

British Trade International group deputy chief executive Ian Jones said that as the UK's traditionally major investors such as the US and Japan were deferring growth decisions following September 11 and the current economic climate, smaller investment opportunities were available.

"We expect to see the previous patterns return as confidence is restored to international markets," Mr Jones said.

"But now is a good time for small entrepreneurial companies to start up in the UK.

"The place for New Zealand companies to be based is Britain, where they can use our market as a springboard into the much larger Europe.

"If they are manufacturers, they can make their products in the UK and ship them to the nearby European markets several are already doing that and we are encouraging others.

"Like New Zealand, the UK is a very open market and a better investment climate than the rest of Europe with a light regulatory touch, low compliance costs and a low level of corporate tax.

"And the UK economy continues to grow it is now achieving 1.6% which is lower than last year but faster than the other G7 economies."

Mr Jones said New Zealand's long-term cultural and historical linkages with the UK made Britain an ideal business partner.

"New Zealand products are seen as high standard," he said.

"And companies with entrepreneurial products and applications are suited to being set up in the UK for our own and the European markets.

"We also want to see more UK investment in New Zealand trade is a two-way business that benefits both economies."

Mr Jones said latest figures showed New Zealand imported UK exports, mainly high-value medical, machinery and parts, worth around $1.2 billion while New Zealand's $2.5 billion in exports were mostly primary produce.

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