February 03, 2019
Market failure drives land investment
Prime Minister Jacinda Ardern says market failure is why the Government is stepping in with a $100 million fund for Māori land development.
During her visit to Ōtamatea Marae yesterday she said Māori entities are responsible for 30 percent of commercial forestry, 30 percent of lamb production and 10 percent of kiwifruit production.
She says there is potential for growth, but it is being held back because the collective and inalienable nature of Māori land means commercial banks won’t make loans.
"We’ve identified that problem and instead of excuses have said we will step in and we willl invest act where the private sector has not acted, and that is what good government should do, recognise where there are failures." Ms Ardern says.
She told her hosts Te Uri o Hau and Ngāti Whātua it was the first time baby Neve had been official welcomed into a meeting house, and it was special that it had been at an event that started with a Rātana service.
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