Release of Terms of Reference
The Treasury has released the Terms of Reference, as agreed by Cabinet on 29 March 2021, for the Overseas Investment Act 2005: Forestry Review.
The Review will be led by the Treasury, with input and support from Land Information New Zealand, the Overseas Investment Office, and Te Uru Rākau. It will: assess the operation and effectiveness of the forestry-related amendments introduced by the Overseas Investment Act 2018, and report to Associate Minister of Finance Hon David Parker – on any recommended changes – in 2022. The Treasury is aiming for public consultation on proposed policy options to take place in late 2021.
In 2018, the Overseas Investment Amendment Act changed the way overseas investments in forestry are screened under the Act. In recognition of the importance of inward investment to forestry, and in support of the Government’s broader forestry priorities, the changes sought to: facilitate overseas investment in forestry, by streamlining consent pathways for investments, and improve the coherence of the screening regime by ensuring all types of investments in forestry are screened.
The Amendment Act also required a review of the operation and effectiveness of these changes to be initiated within two years of their taking effect.