Four Out Of Five Kiwi Workers Aren't Employed By Transnational Corporations
Business New Zealand said today (“Foreign Investment Essential For New Zealand”) that: “Today one in five New Zealanders works in a firm that is part-funded by FDI (Foreign Direct Investment)”.
Not so. The actual figure is lower than that and is lower than what it was in 2000.
And Business New Zealand is trying to gild the lily. What its press release does not say is that four out of five Kiwi workers do not work for transnational corporations (TNCs).
It does not say that the TNCs need us more than we need them (to make the exorbitant profits that they ship out of the country and don’t reinvest back into it).
It does not say that despite TNCs being such a dominant force in the NZ economy, they provide jobs for bugger all New Zealanders
Here is the relevant extract from CAFCA’s newly updated Key Facts.
Foreign investors are not great for employment – they only employ 17% of the workforce (down from 21% in 2000), despite owning a large proportion of the economy. Foreign ownership does not guarantee more jobs. In fact, it quite often adds to unemployment. TNCs have made tens of thousands jobless.
The full Key Facts complete with sources (meticulously researched and compiled by CAFCA’s Bill Rosenberg), can be read at http://canterbury.cyberplace.co.nz/community/CAFCA/key-facts.html
They can also be viewed there as a striking set of graphs, as both a PDF and Powerpoint.
If you have any factual questions about this, please contact:
Policy Director/Economist, NZCTU
Phone: Landline 04 8023815. Mobile: 021 637991
If you want comment on it, contact me.
(03) 3663988/ 0274 307742
Campaign Against Foreign Control of Aotearoa
Box 2258, Christchurch 8140, New Zealand