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Reinventing New Zealand

CNBC.com
Thursday, 18 Oct 2007 | 7:59 PM ET
Reinventing New Zealand
Animation, film and biotechnoloy are areas in which New Zealand's economy can compete globally says David Skilling, CEO of The New Zealand Institute, speaking to CNBC's Martin Soong.

All this week, CNBC's "Asia Squawk Box" is on the road in New Zealand. "Asia Squawk Box" will take a look at all things Kiwi -- its economy, the booming tourism industry, New Zealand's growth as a film locale and post production facility, its wining and dining exports and much more.

New Zealand has set its sights on reinventing itself into a "weightless economy" by increasing its competitive edge in the global economy. But what exactly is a "weightless economy"?

A Weightless Economy
David Skilling, CEO of The New Zealand Institute speaks to CNBC's Martin Soong about reinventing New Zealand into a "weightless economy" by increasing its competitive edge in the global economy.

The weightless economy includes adding more knowledge-based value to physical goods and services, engaging in foreign investment or offshoring production, through to activities that can be transported virtually such as the creative industries, biotech, or business services.

New Zealand is more likely to be able to compete successfully in global markets by developing strengths in the weightless economy, because such types of economic activity are less exposed to New Zealand’s small scale and physical remoteness.

David Skilling, CEO of The New Zealand Institute, explains the concept and direction the Kiwis are going.