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Minister appoints Bell Gully partner to Government overseas investment advisory group
Bell Gully partner Andrew Petersen has been appointed to an expert advisory group charged with advising on the review of New Zealand's overseas investment rules.
Minister for Land Information Hon Dr Richard Worth made the appointment as part of the Government's review of the Overseas Investment Act, which is aimed at attracting more foreign investment to New Zealand, while protecting sensitive land, assets and resources.
Andrew, a property partner with extensive experience with the overseas investment regime, will join the Technical Reference Group, advising on ways to improve legislation and regulation and providing expert comment on policy proposals put forward by officials.
In confirming the review this week, Finance Minister Hon Bill English noted that the current rules were complex and the process involved in considering applications for overseas investment took too long and created uncertainty.
Andrew welcomes the opportunity to work with the Technical Reference Group.
"Overseas investment needs to be governed by clear rules. It's about striking a balance between identifying and protecting important and iconic assets in New Zealand, and the need to encourage foreign investment in New Zealand to assist economic growth."
"The review is a timely opportunity for us to get together and see what's working and what can be improved to ensure we get that balance right."
The review is expected to be complete mid-year.
