New Zealand broadens powers to block foreign investment on security grounds

New Zealand broadens powers to block foreign investment on security grounds

New Zealand said on Tuesday that it would widen government powers to block foreign investment on national security grounds and ramp up oversight of strategically important industries already subject to screening.

The planned legislation would allow the government to intervene in investments not usually subject to screening but which may provoke concern. This would extend to firms that develop military technology and media entities.

“The power would only be used to control those investments that pose a significant risk to our national security or public order,” Associate Minister of Finance David Parker said.

The changes come at a time of heightened concern in Western nations on the risk of countries, in particular China, acquiring technology that has both military and civilian uses.

The changes were not targeted at any specific country and were not “anti-China”, Parker said at a briefing.