Essay About New Zealand Need And Large Businesses

Does New Zealand Need to Overhaul Its Industrial Policy?
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Executive Summary
This report will follow the below structure to investigate the question, does New Zealand need
to overhaul its industrial policy? This policy is related to economic growth and whether they
stimulate the economy and achieve international competitiveness. There are several elements
that are needed to be taken into account but due to the limitations of this report, we will only
consider three major and they are:
– R&D Interventions/Incentives
– FTA
The first element looks are the existing system the government put in place from the
Foundation for Research, Science and Technology and their role to innovation rate and the
percentage of new innovations for small and large businesses. It appears the government is
implementing the right strategies; however, there are a few teething problems they need to
overcome especially around government regulations. This aims at pushing the private business
to increase their innovation rate in order to increase their competitive advantage. Prime
example is F&P Healthcare and the numbers of new patents they have over the last 5 years
have increased. Beside government regulations, there needs to be more collaboration between
businesses and educational institutes and further investment in post graduate studies such as
maters and PhDs.
The government is also trying to assist businesses in dissolving hurdles beyond their control.
These hurdles or barriers are set by other countries to stop international firms from competing
locally. Through the FTA these tariffs and custom fees are dissolving slowly, however, this will
take time in order to achieve its highest potential according to experts from the Asian Local
Bank. Nevertheless, I think the New Zealand government is doing strong work in this area.