Campaign Against Foreign Control of Aotearoa
The Campaign Against Foreign Control of Aotearoa (CAFCA) is a research and lobbying organisation combatting what it considers the sell-out of New Zealand companies and assets to overseas interests. The organisation evolved from the then-named Campaign Against Foreign Control in New Zealand [1] which began in the early 1970s.
The organisation was founded by Owen Wilkes.[2]
Economic criticism
One of the main planks of CAFCA is opposition against foreign acquisition of New Zealand assets. In this regard, they criticise the free-market policies which have made such foreign acquisition possible, and the fact that the relevant regulatory authorities (such as the Overseas Investment Office) are amongst the weakest government branches, 'rubber-stamping' investment instead of regulating it.[3][4]
Direct ownership of New Zealand companies by foreign parties increased from $9.7 billion in 1989 to $83 billion in 2007 (an over 700% increase), while 41% of the New Zealand sharemarket valuation is now overseas-owned, compared to 19% in 1989. Around 7% of all New Zealand agriculturally productive land is also foreign-owned. CAFCA considers that the effect of such takeovers has generally been negative in terms of jobs and wages.[3]
CAFCA are one of the organisers of the Roger Award For The Worst Transnational Corporation operating in New Zealand.
References
- ↑ http://www.historicalwatchdog.blogspot.com/2009/01/comalco-comic.html
- ↑ http://www.converge.org.nz/abc/pr40-199.htm
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