Reinventing New Zealand

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"?

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.