The Campaign Against Foreign Control of Aotearoa (CAFCA) is a research and lobbying organisation combatting what it considers the sell-out of New Zealand companies and assets to overseas interests. The organisation evolved from the then-named Campaign Against Foreign Control in New Zealand[1] which began in the early 1970s.
The organisation was founded by Owen Wilkes.[2]
Economic criticism
editOne of the main planks of CAFCA is opposition against foreign acquisition of New Zealand assets. In this regard, they criticise the free-market policies which have made such foreign acquisition possible, and the fact that the relevant regulatory authorities (such as the Overseas Investment Office) are amongst the weakest government branches, 'rubber-stamping' investment instead of regulating it.[3][4]
Direct ownership of New Zealand companies by foreign parties increased from $9.7 billion in 1989 to $83 billion in 2007 (an over 700% increase), while 41% of the New Zealand sharemarket valuation is now overseas-owned, compared to 19% in 1989. Around 7% of all New Zealand agriculturally productive land is also foreign-owned. CAFCA considers that the effect of such takeovers has generally been negative in terms of jobs and wages.[3]
CAFCA are one of the organisers of the Roger Award for the Worst Transnational Corporation operating in New Zealand.
References
edit- ^ "Foreign Control Watchdog - Historical: Comalco Comic". 4 December 2009.
- ^ "Owen Wilkes' Sis File". Archived from the original on 24 July 2011. Retrieved 7 March 2011.
- ^ a b McCarten, Matt (14 January 2007). "Matt McCarten: Foreign owners muscle in as New Zealand sells off all its assets". The New Zealand Herald. Retrieved 22 September 2011.
- ^ Gay, Edward (1 November 2007). "US buyer snaps up Coromandel jewel". The New Zealand Herald. Retrieved 22 September 2011.