Overview
The minerals, oil, gas and coal being produced in New Zealand have a value of about $4,500 million per year, and contribute more than $2,000 million to exports. Potential exists to maintain and expand the range and value of what we produce.
Demand for resources is being driven by economic growth in developing countries that is resource intensive while basic infrastructure –taken for granted in developed countries –is established. This increased demand is likely to continue for the long term.
Australia’smineralwealth is often used to explain its higher living standards relative to New Zealand. Australia has worked hard to achieve this, and major government and industry initiatives are continuing in order to stay competitive. By comparison, New Zealand has done little over the last 25 years to make the most of its resource potential.
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