READER REPORT:

Can you fix it: Learn to love local investment

KEN FORTUNE
Last updated 08:56 10/10/2012
nest egg
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THINK LOCAL: We need to encourage an investment culture, and one in which local companies are valued.

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We asked you how to fix the economy and were flooded with responses. We'll be running these in the coming days. To contribute to the debate hit the green button below.

Many of us grumble that all our profits are being taken offshore - the banks are again in the news for this and the imminent takeover of F&P by a Chinese manufacturer appals many.

What must change is Kiwi's attitude to investment. We need a media-wide campaign, both advertisements and editorial comments, urging New Zealanders to invest in our own companies. We need the profits from those companies to be retained here, so that the profits are spent in the local economy.

New Zealand is as good a place to do business as anywhere else - that's why so many foreign investors buy into our companies. We need to wake up and stop thinking we are the poor cousin and start putting our money into our own.

The government wants to sell off assets to New Zealand citizens, but the current size of the market is too small to be able to buy them which will result, inevitably, in foreign ownership.

We need things like an easy-to-use online marketplace, a steady trickle of Mum-and-Dad success stories, promotion of upcoming share issues in the main headlines and regular editorials that teach the benefits of New Zealand ownership.

There needs to be a concerted effort to make investment something that every household does, and it needs to be as easy as using Trade Me.


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