Wellington - New Zealand's 4-month-old conservative government moved Tuesday to relax rules governing foreign investors, hoping to attract more outside capital to the country, which has been in recession since early last year.
Finance Minister Bill English said overseas investment could play an important role in an economic recovery and job creation.
Announcing a review of the Overseas Investment Act, English said the current law was cumbersome and the rules often difficult to interpret.
He said an application to buy land near the sea, or otherwise declared "sensitive" because of historical or cultural importance to the indigenous Maori population, had to pass 27 different criteria.