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New Zealand to invest $130 million in ASEAN

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Staff writer ▼ | November 25, 2015
New Zealand will invest over NZ$200 million ($130 million) in ASEAN over the next three years, focusing on capacity building for the people in the region.
John Key
Economic cooperation   The second largest investment in ASEAN after the Pacific
Prime Minister John Key said the country's formal relationship with ASEAN would be upgraded from a comprehensive to strategic partnership.

"The NZ$200 million investment is to focus on capacity building for the region's people and creating links between our young leaders and emerging entrepreneurs, the people to build on the ties that we have forged over the past 40 years.

"We welcome an agreement to work more closely with ASEAN to boost trade and investment," he said at the 40th ASEAN-NZ Commemorative Summit, which was also attended by Malaysian Prime Minister Datuk Seri Najib Tun Razak and ASEAN leaders.

New Zealand's development assistance programme in the ASEAN region would be the second largest after the Pacific.

Key said the strategic partnership would also support ASEAN and New Zealand's economic engagement, achieve common regional integration of objectives and support the regional groupings drive to close the development gap. It will give focus to New Zealand's expertise in agriculture and trade.

"ASEAN, home to 625 million people with a gross domestic product expected to grow to $5.2 trillion by 2030, presents significant opportunities for New Zealand and in recent years, we have seen strong growth in trade."