Overseas Investment Act 2005

17 Factors for assessing benefit of overseas investments in sensitive land

(1)

If section 16(1)(e)(ii) applies, the relevant Ministers—

(a)

must consider all the factors in subsection (2) to determine which factor or factors (or parts of them) are relevant to the overseas investment; and

(b)

must determine whether the criteria in section 16(1)(e)(ii) and (iii) are met after having regard to those relevant factors; and

(c)

may, in doing so, determine the relative importance to be given to each relevant factor (or part).

(2)

The factors are the following:

(a)

whether the overseas investment will, or is likely to, result in—

(i)

the creation of new job opportunities in New Zealand or the retention of existing jobs in New Zealand that would or might otherwise be lost; or

(ii)

the introduction into New Zealand of new technology or business skills; or

(iii)

increased export receipts for New Zealand exporters; or

(iv)

added market competition, greater efficiency or productivity, or enhanced domestic services, in New Zealand; or

(v)

the introduction into New Zealand of additional investment for development purposes; or

(vi)

increased processing in New Zealand of New Zealand’s primary products:

(b)

whether there are or will be adequate mechanisms in place for protecting or enhancing existing areas of significant indigenous vegetation and significant habitats of indigenous fauna, for example, any 1 or more of the following:

(i)

conditions as to pest control, fencing, fire control, erosion control, or riparian planting:

(ii)

covenants over the land:

(c)

whether there are or will be adequate mechanisms in place for—

(i)

protecting or enhancing existing areas of significant habitats of trout, salmon, wildlife protected under section 3 of the Wildlife Act 1953, and game as defined in sections 2(1) of that Act (for example, any 1 or more of the mechanisms referred to in paragraph (b)(i) and (ii)); and

(ii)

providing, protecting, or improving walking access to those habitats by the public or any section of the public:

(d)

whether there are or will be adequate mechanisms in place for protecting or enhancing historic heritage within the relevant land, for example, any 1 or more of the following:

(i)

conditions for conservation (including maintenance and restoration) and access:

(ii)

agreement to support the entry on the New Zealand Heritage List/Rārangi Kōrero of any historic place, historic area, wahi tapu, or wahi tapu area under the Heritage New Zealand Pouhere Taonga Act 2014:

(iii)

agreement to execute a heritage covenant:

(iv)

compliance with existing covenants:

(e)

whether there are or will be adequate mechanisms in place for providing, protecting, or improving walking access over the relevant land or a relevant part of that land by the public or any section of the public:

(f)

if the relevant land is or includes foreshore, seabed, or a bed of a river or lake, whether that foreshore, seabed, riverbed, or lakebed has been offered to the Crown in accordance with regulations:

(g)

any other factors set out in regulations.

Section 17(2)(d)(ii): amended, on 20 May 2014, by section 107 of the Heritage New Zealand Pouhere Taonga Act 2014 (2014 No 26).