New Zealand's Government is working to make the country more attractive to investors and businesses by simplifying regulations.
The Minister for Regulation outlined a series of reforms aimed at cutting red tape and making it easier to do business in New Zealand. The changes include overhauling the Overseas Investment Act, creating a two-track consenting regime, and introducing a Regulatory Standards Bill. The bill will codify principles of good regulatory practice and ensure regulators are accountable to those they regulate.
The Government is also committed to improving its regulatory environment across the board, with a focus on deregulation and making it easier for businesses to comply with regulations. This includes setting up the Ministry for Regulation, which is tasked with reviewing existing regulations and making recommendations for improvement.
Regulatory reforms are underway in various sectors, including agriculture, health and safety, employment laws, and financial sector regulation. The aim is to create a more business-friendly environment that will attract investment and boost productivity.
The Minister emphasized the importance of creating a favorable climate for businesses and investors, saying "we're creating the conditions that make it even easier for businesses like yours to invest, innovate and grow in New Zealand."