Hon Simon Bridges
Minister for Economic Development

Hon Paul Goldsmith
Minister of Science and Innovation

9 May 2017
Embargoed until 6.45pm Media Statement

New guide to drive investment in tech sector

Economic Development Minister Simon Bridges and Science and Innovation Minister Paul Goldsmith today launched a new edition of an investment guide into New Zealand’s fast growing technology sector.

The Investor Guide to the New Zealand Technology Sector showcases the breadth and variety of technology companies in New Zealand.

“The tech sector is New Zealand’s third largest exporting sector, contributing $16 billion to GDP and it is growing fast,” says Mr Bridges. “It presents multiple opportunities for New Zealand and international investors.

“New Zealand technology is gaining recognition internationally along with our innovative and can-do culture, and the fact that we are ranked first in the world for ease of doing business by the World Bank Group is a huge drawcard for investors.”

“High profile successes like Vend, Xero, Fisher and Paykel Healthcare and Vista Group are leading the way. But, a growing number of early stage companies like Soul Machines and 8i, are attracting significant international attention for their cutting edge technologies in artificial intelligence and virtual reality.

“One of the top priorities of the Government’s Business Growth Agenda is to ensure that these businesses are supported and enabled to grow and compete with the world’s leading technology innovators.” says Mr Bridges.

The Government is also planning to meet the needs of this growing sector through investment in innovation, and building the skills needed in the sector.

“The Government is working hard to develop New Zealand as a hub for high-value, research and development intensive businesses,” says Mr Goldsmith.

“The recent 29% increase in businesses investment in research and development reported by Statistics New Zealand is largely driven by technology businesses, and shows that our efforts are delivering results”.

“To support this growth we’re developing pathways for young New Zealanders to enter the tech sector. This includes the TechHub in Schools, and FutureInTech initiatives which aim to engage young people and get them interested in a career in tech,” says Mr Goldsmith.

“Alongside these skills and employment initiatives the Digital Technology Skills Forum, is bringing together industry associations with government agencies to identify opportunities to develop the skills that the sector will need in order to continue its rapid growth,” says Mr Bridges. “It’s a sign of a sector that is in good health, and planning to meet its future needs.”

The Investor Guide is produced by the Technology Investment Network (TIN) in collaboration with the Ministry of Business Innovation and Employment (MBIE). It is freely available online.

A copy of the guide is available at http://www.mbie.govt.nz/about/whats-happening/news/2016/new-guide-to-drive-investment-in-tech-sector.

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