Ministers look set to get more power to say "no" to large foreign investments as a result of a review of the Overseas Investment Act. Parker did not expect any changes that flowed from the review to have a big effect on the overall level of foreign investment. He described the sale of Wellington lines company Wellington Electricity as the type of foreign investment that could face more scrutiny under a new regime. Giving ministers wide powers to reject overseas investment would create "an even more hostile environment for overseas investors and make New Zealand poorer", he said. "New Zealand already has some of the most restrictive rules for foreign investment in the world according to the OECD," he said.

Source: Stuff April 16, 2019 00:25 UTC