BusinessNZ welcomes the Government’s announcement
effectively ‘resetting’ the science system to deliver better
economic growth and productivity for New
Zealand.
Director of Advocacy Catherine Beard also
welcomes the announcement regarding a special “one stop
shop” agency for foreign investment.
“These are policy
improvements we have advocated for, so we are pleased to see
action on reprioritising of taxpayer
investment.”
Beard says New Zealand has previously
invested far less in innovation (1.47% of GDP in 2021) than
the rest of the OECD average (2.74%) and that there is a
strong correlation between high performing economies and
investment on innovation.
“Businesses have been faced
with a complex system that is hard to navigate across
various pots of funding, and crown research institutions
were competing on overlapping projects.
“The
simplification of the system and the change to allow
creators of intellectual property to keep some of the value
should be a welcome incentive.
“BusinessNZ looks
forward to working with Ministers and the research science
and innovation sector to get our research brains and
business sector better connected and producing more export
returns for NZ.”
BusinessNZ’s paper on overseas
investment and research science and innovation can be found
on our website: businessnz.org.nz
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