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Nicola Willis: Finance Minister on the Government's goal to double exports by the 2030s · Best of Business

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  Speaker 1: You're listening to a podcast from News talks'd be follow
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  Speaker 2: Shane Solly on whether we're heading for a semiconductor chipreck?
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  Speaker 1: You get it?
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  Speaker 2: It's quite clever. I didn't come up with it. And
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  Speaker 2: Gavin Gray is with us out of the UK seven
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  Speaker 2: past six. Nicola Willis Finance Ministers with US. Hello Nikola, Hi, Heather?
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  Speaker 2: Did you get it?
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  Speaker 3: Did I get chipreck?
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  Speaker 2: Semiconductor chip Chiprick?
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  Speaker 3: I knus, I got back, thank you?
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  Speaker 2: We got time?
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  Speaker 3: Do you know my husband would have been proud of
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  Speaker 3: that pun? That was a classic dad joke, pump.
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  Speaker 2: It cracks me up that dads actually do end up
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  Speaker 2: making dad jokes. Who can explain this? Now? The seven FTAs,
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  Speaker 2: how much do you reckon? If we were to lock
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  Speaker 2: each of them in? How much do you reckon? This
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  Speaker 2: would grow our exports by well.
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  Speaker 3: Our goal is to double New Zealand's exports by twenty
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  Speaker 3: thirty four, so starting date twenty twenty four, and we
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  Speaker 3: are on track to achieve that so far. So we
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  Speaker 3: think over time, reaching that next billion worth of people
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  Speaker 3: could grow our exports by hundreds of millions, billions of
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  Speaker 3: dollars if.
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  Speaker 2: We were able to. I mean, do we have the
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  Speaker 2: supply to do that? There might be the demand, but
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  Speaker 2: do we have the supply to double it?
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  Speaker 3: Well, it's all about giving our exporters options for where
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  Speaker 3: they can get the best price for their product, finding
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  Speaker 3: new niches for what they're making. And yes, there is
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  Speaker 3: also the capacity for them to make more if they
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  Speaker 3: know that there's a market for it. You know, you
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  Speaker 3: think about kiwi fruit for example, that's a really high
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  Speaker 3: value land use, but people are only going to convert
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  Speaker 3: farmland to grow kiwi fruit if they know there's a
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  Speaker 3: market they can export it to year and year out
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  Speaker 3: and make good money out of it. But when they
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  Speaker 3: do that, Wow, they're making a lot of money for
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  Speaker 3: every piece of land they've got.
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  Speaker 2: What do you reckon Nigeria's going to buy off US?
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  Speaker 3: Well, I don't know. But then if you'd asked me
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  Speaker 3: twenty years ago what will China buy from US? I
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  Speaker 3: probably wouldn't have predicted some of the products that they
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  Speaker 3: now buy from US. I wouldn't have said that they
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  Speaker 3: would be an importer of our wine, that they would
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  Speaker 3: be such a massive importer of dairy products. And Nigeria
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  Speaker 3: is one of those economies in Africa that everyone says
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  Speaker 3: we'll be having a growing middle class. There will be
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  Speaker 3: more demand for exactly the same products the rest of
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  Speaker 3: the world wants from.
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  Speaker 2: US, Norway and Switzerland. More established economies.
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  Speaker 3: Well, those are economies that will be interested in our
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  Speaker 3: high value, sustainably farmed food products. I'm very sure our
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  Speaker 3: fiber products. Some of the exports that we do in
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  Speaker 3: the areas in everything from software through to defense. You know,
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  Speaker 3: you already have the UK purchasing some of our drones
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  Speaker 3: and our rocket wear from a range of firms in
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  Speaker 3: New Zealand, and there's no reason the Europeans from other
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  Speaker 3: countries won't want to do that too.
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  Speaker 2: Listen, speaking of defense, have you had a briefing at
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  Speaker 2: all on what's just happened with China and the missile.
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  Speaker 3: I have had a very short briefing, and I know
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  Speaker 3: enough to say that we are very concerned about this
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  Speaker 3: developed It is unwelcome. We will be talking with our
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  Speaker 3: Pacific partners about the development. I think the important thing
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  Speaker 3: to note is that the missile was fired into the
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  Speaker 3: South Pacific Nuclear Free Zone, which was established by the
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  Speaker 3: Treaty of Raratonga and China's action goes directly against the
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  Speaker 3: intent of that treaty, so we are very concerned by this.
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  Speaker 2: Have your officials told you whether this as a direct
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  Speaker 2: is directly in response to what's just happened with Fiji
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  Speaker 2: becoming an ally of Australia's.
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  Speaker 3: No, they haven't advised me of that. But I think
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  Speaker 3: what is the case and what they have said to
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  Speaker 3: me is that the incident highlights the importance of close
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  Speaker 3: regional collaboration within our region, and we will be engaging
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  Speaker 3: with Australia, Fiji and other Pacific partners on how we
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  Speaker 3: as a region can work together to prevent the testing
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  Speaker 3: of nuclear capable ballistic missiles in the South Pacific Nuclear
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  Speaker 3: Free Zone. That should not be normal, that should not
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  Speaker 3: be routine. China should not be doing.
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  Speaker 2: That on the few Have we started the clock on
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  Speaker 2: the four weeks yet?
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  Speaker 3: Yes, we have. I can give you an update. So
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  Speaker 3: MB take the data that you see on guests buy
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  Speaker 3: and then what they do is they regionally wait it
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  Speaker 3: to come up with a national average price and they
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  Speaker 3: publish that every Wednesday. They published it last Wednesday and
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  Speaker 3: it was three dollars oh five. This Wednesday they will
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  Speaker 3: publish another update, and I expect it will have just
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  Speaker 3: ticked under three dollars, So i'd expect as of this
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  Speaker 3: week the clock is taken, So we start?
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  Speaker 2: Do we start on Wednesday?
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  Speaker 3: Then? Do we? Most likely when that data comes out,
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  Speaker 3: we'll be starting, because that'll be the first week of
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  Speaker 3: data that we have that shows a national average under
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  Speaker 3: three dollars.
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  Speaker 2: Are you keeping an eye on what Shane is giving
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  Speaker 2: money to all lending money to read the minerals?
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  Speaker 3: Yes, I'm aware of those projects that have been funded
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  Speaker 3: you okay with th restructure funds. Yes, i am, because
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  Speaker 3: we as a government have a strategy of backing the
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  Speaker 3: critical minerals industry and recognize that sometimes those projects, in
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  Speaker 3: order to attract the capital for investment, are greatly helped
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  Speaker 3: by having an amount of government investment at the beginning.
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  Speaker 3: It gives them more ability to go out to the
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  Speaker 3: world and get other dollars involved.
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  Speaker 2: Okay, but one of them is Mothboard. So if we're
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  Speaker 2: lending the money to the moth boled outfit, are we
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  Speaker 2: are we assured of the fact that it will be
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  Speaker 2: started up again.
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  Speaker 3: Well, they'll only get the funding if they meet the
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  Speaker 3: financial requirements and quite specifically, one of the things that
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  Speaker 3: they're required to do is raise the other capital to
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  Speaker 3: deliver that project. So if they're unsuccessful in doing that,
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  Speaker 3: then we won't be signing the check.
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  Speaker 2: And do we get something for this, like if we
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  Speaker 2: give them twenty million dollars as a loan, do we
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  Speaker 2: get a cut of the business or anything like that
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  Speaker 2: interest payments?
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  Speaker 3: Well, yes, so these are financial arrangements in which they
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  Speaker 3: need to pay. It's a concessionary loan rate, but we
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  Speaker 3: do get some money back over time.
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  Speaker 2: Okay, cool, Are you going to get to visit modid I.
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  Speaker 3: Am going to get back. I am going to meet Am.
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  Speaker 3: I looking forward to that. So I will take part
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  Speaker 3: in the Bileteral meeting on Saturday. Obviously, our relationship with
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  Speaker 3: India is really significant economically, and I look forward to
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  Speaker 3: meeting a leader of one of the biggest countries in
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  Speaker 3: the world, so it'll be extraordinary.
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  Speaker 2: You thought about where he sits in terms of like
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  Speaker 2: the top ten, top five leaders in the world that
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  Speaker 2: you want to meet. He said this number seven for me.
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  Speaker 3: Really yeah, okay, yeah, so you'd have him to your
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  Speaker 3: celebrity dinner party potentially.
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  Speaker 2: If I had, if I had a table big enough
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  Speaker 2: to seate at least eight people. Yeah, why not? So
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  Speaker 2: I reckon a photo with Modi's worth a lot. What
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  Speaker 2: do you think?
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  Speaker 3: I think absolutely because you think about how many people
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  Speaker 3: around the world know that face very well, because it's
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  Speaker 3: not just the people in India, it's the Indian deesper
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  Speaker 3: all over the world who look to him as a leader.
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  Speaker 2: Are we going to sew? Are we going to see
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  Speaker 2: the weird secret document?
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  Speaker 1: Though?
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  Speaker 3: Look, I don't think that that is that secret. I
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  Speaker 3: think it's a case of mister Peters is blowing a
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  Speaker 3: bit of smoke and the hope people we falled into
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  Speaker 3: thinking there's fire, There isn't nothing none. All this is
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  Speaker 3: is what we've always maintained throughout We've said lot. Mister
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  Speaker 3: Peters is silly to be claiming that there's going to
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  Speaker 3: be some untrammelled immigration. New Zealand will retain its ability
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  Speaker 3: to have restrictions on visas and the immigrants that come here.
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  Speaker 3: And all that he's discovered is that we're telling the
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  Speaker 3: truth and the Minister of Immigration is ensuring she does that.
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  Speaker 2: Right, So when do we see the document?
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  Speaker 3: Though? I look, in due course of course, under the
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  Speaker 3: Official Information Act, there'll be right for the public to
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  Speaker 3: get that information when the minister has made final decisions.
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  Speaker 2: Cool, okay, thank you very much, really appreciated Nicola's Nichola
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  Speaker 2: will us the Finance Minister for.
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