WELLINGTON, June 19 (Xinhua) -- New legislation that brings forestry rights into the overseas investment regime will help promote high-quality foreign investment that puts more emphasis on genuine benefits for New Zealanders, Forestry Minister Shane Jones said on Tuesday.
Following the review and intensive consultation with stakeholders, some key changes in the Overseas Investment Amendment Bill include increasing investors' flexibility in obtaining consent and removing unnecessary red tape, Jones said.
The bill recognizes the importance of forestry to New Zealanders and it is struck the right balance that will boost forestry investment while ensuring the regime cannot be bypassed, the minister said.
"High-quality overseas investment in forestry will be an important part of achieving the government's One Billion Trees planting program and will also promote economic development opportunities in our regions," he added.
The New Zealand government strives to build a strong and flourishing forestry sector that will create and protect jobs and contribute to the country's climate change targets.