Insights

Some of the world’s largest banks and investment firms will send representatives to Auckland for the Government’s Investment Summit this week.

Infrastructure Minister Chris Bishop said the companies on the list manage funds worth around $6 trillion of capital and come from 14 countries including the United States, China, Britain, Canada, France and Japan.

Also on the invited list are some of New Zealand’s largest investors, professional services firms, construction companies and iwi organisations.

“New Zealanders can be proud that some of the world’s biggest investment and infrastructure entities are keen to learn about the opportunities New Zealand has to offer,” Bishop said in a statement.

“Their decision to come here demonstrates that New Zealand is held in high regard internationally as an economy that is worth investing in.”

While the purpose of the summit is to attract investment in Government projects, the coalition is hoping there will be deal-making on the sidelines with New Zealand firms partnering with their capital-rich partners.

The summit has a host of Government ministers attending, keen to shepherd public-private partnerships (PPPs) to completion.

Labour’s finance and infrastructure spokeswoman Barbara Edmonds will also attend with the Government and Labour keen to project a bipartisan approach to infrastructure – for now, at least.

The list for the summit even includes firms recently jilted by New Zealand, including one of the Hyundai subsidiaries and investment group CDPQ. Another Hyundai company had been contracted to build the new Cook Strait ferries until KiwiRail was forced to cancel that contract after the Government declined a funding uplift and the former Labour administration wanted CDPQ to build the Auckland Light Rail project as a PPP before coalition partner NZ First axed the idea.

Other names that will be familiar to New Zealanders are CPB Contractors and HEB Construction, who were part of the Transmission Gully PPP, Japanese giant Mitsubishi and major French bank Societe Generale.

The New Zealand branch of the Industrial and Commercial Bank of China, the largest bank in China and one of the largest in the world by market capitalisation, is also coming.

Global Infrastructure Partners (GIP) is a leading global infrastructure investor with US$170 billion ($300b) in assets under management.

Canada’s Brookfield Asset Management, which oversees about $2t in assets is also coming. Brookfield invests on behalf of institutions around the world across renewable power and energy transition and infrastructure.

The summit will be held in Auckland next Thursday and Friday.

“Across the two-day summit, ministers will showcase our ambitious pipeline of projects in transport, health, education, courts and corrections, and the resources sector. Iwi representatives will highlight the strength of the Māori economy and their own upcoming opportunities for these investors,” Bishop said.

BusinessDesk earlier reported there are only four projects that might be available for PPP investment in the short and near term: the redevelopment of Linton Military Camp, the redevelopment of the Christchurch Men’s prison, courts in Waitākere and Rotorua, and the Northland expressway.

The Government hopes the summit drums up interest not just for these near-term projects, but keeps investors interested for future PPPs.

“We’re looking at how New Zealand grows over the next 10-20 years, not just in the next 12 months,” Bishop told BusinessDesk.