Top 5 Business News Headlines in New Zealand for 2021
As New Zealand continues to recover from the COVID-19 pandemic, the world is seeing its business landscape shift and reshape itself. Here are the top 5 business news headlines in New Zealand for 2021.
1. Overseas Investment Office Changes Their Tune on Fintech Firms
In January, the Overseas Investment Office (OIO) in New Zealand announced that they would be changing their policy towards fintech firms. This new policy change will offer an easier pathway for overseas equity investors who want to invest in New Zealand-based fintech firms. This move is designed to give New Zealand fintech companies greater access to global capital, allowing them to grow and compete on a global stage.
2. Government Introduces New Housing Policy
In March, the New Zealand government introduced a new housing policy aimed at cooling the housing market and making it more accessible for first-time home buyers. The policy includes measures such as a crackdown on property flipping and a new $3.8 billion fund to build new social housing. The government hopes that these measures will help to increase the supply of affordable housing and make it easier for Kiwis to get onto the property ladder.
3. Rise in Digital Transformation
The COVID-19 pandemic has accelerated the shift towards digital transformation, with many New Zealand businesses investing in technology to enable remote working and online shopping. In February, KPMG released a report that predicted a surge in digital adoption, with businesses investing in cloud-based technologies, artificial intelligence, and automation. This shift towards digital transformation is also expected to create new opportunities for businesses to compete globally and enhance their customer experience.
4. Meridian Energy’s Pūātipa Fund Begins Operations
In May, Meridian Energy launched its Pūātipa Fund, which aims to provide funding to promising startups in the renewable energy sector. The fund has an initial investment of $20 million and will invest in a range of early-stage startups working on energy technologies such as electric vehicles, solar, wind, and hydro. This initiative is expected to create new opportunities for entrepreneurs and drive innovative solutions to global climate change.
5. Expansion of E-commerce in New Zealand
The New Zealand retail sector has experienced a significant shift towards e-commerce during the COVID-19 pandemic, with many businesses pivoting online to survive. In April, a survey by the Ministry of Business, Innovation, and Employment (MBIE) found that 70% of New Zealand businesses had an online presence, up from 60% in 2018. This trend is expected to continue as businesses look to tap into the growing global demand for online shopping. This shift towards e-commerce is also likely to create new job opportunities in the digital space.
Conclusion
As New Zealand continues to navigate the challenges of the COVID-19 pandemic, the business landscape is shifting and reshaping itself. From the rise of digital transformation to the introduction of new policies aimed at cooling the housing market, the business news headlines in New Zealand for 2021 showcase a country that is innovative, forward-thinking, and ready to adapt to change. By keeping up to date with these developments, businesses can position themselves for success in a rapidly changing market.
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