The Minister for Economic Development makes the following direction pursuant to section 112 of the Crown Entities Act 2004 and section 9(1)(e) of the New Zealand Trade and Enterprise Act 2003.
1. Function added—I add the following function to the functions set out in section 9(1) of the New Zealand Trade and Enterprise Act 2003:
(a) A function of New Zealand Trade and Enterprise
is to contribute to the generation of widespread economic benefits to New Zealand by:
(i) promoting and assisting New Zealand firms to undertake outward investment; and
(ii) assisting New Zealand firms to benefit from outward investment.
2. Direction—I direct New Zealand Trade and Enterprise to perform the function added by this direction.
Dated at Wellington this 28th day of February 2008.
HON PETE HODGSON, Minister for Economic Development.
Explanatory Note
This note is not part of the notice but is intended to indicate its general effect.
This notice adds the function specified in it to the functions of New Zealand Trade and Enterprise (“NZTE”), and directs NZTE to perform that function.
Section 9(1)(e) of the New Zealand Trade and Enterprise Act 2003 provides that a function of NZTE is to carry out any additional function in relation to trade, industry and regional development that is added by the Minister in accordance with section 112 of the Crown Entities Act 2004.
Section 112 of the Crown Entities Act 2004 provides that
if an Act gives the responsible Minister the power to add to the functions of a Crown entity, the Minister may direct the entity to perform any additional function that is so added and that is consistent with the entity’s objectives.
The function added by this notice, which is to provide support and assistance to outward direct investment, relates to trade, industry and regional development, and supports the development of internationally competitive New Zealand businesses.
The Minister consulted with NZTE prior to giving this direction, as required by section 115 of the Crown Entities Act 2004.