INVEST IN Taranaki A GUIDE TO INVESTING IN THE REGION ‘LIKE NO OTHER’ FOREWORD We acknowledge the tangata whenua of Taranaki, kaitiaki of the whenua/lands and wai/water of our region, and pay our respects to kaumātua past and present. Taranaki is a special place, rich in culture and history. At its heart, both geographically and spiritually, is Taranaki Maunga/ Mount Taranaki. The central landmark has given the region its identity as well as its temperate climate, plentiful rain, and fertile volcanic soils. Tu ke Tongariro, Motu ke Taranaki, He riri ki a Pihanga, Waiho i muri nei, Te uri ko au–e! Tongariro stands apart, Separated off is Taranaki, By the strife over Pihanga, Leaving in after times, Its descendant in me! CONTENTS Introducing Taranaki ..............................................2 Why invest in Taranaki? ....................................... 4 Strategic vision .......................................................6 Transition frontrunner ........................................... 8 Innovating ...............................................................10 Game-changing investments .............................12 An enviable lifestyle ............................................14 Taranaki investment stories ...............................16 How to invest in Taranaki ..................................35 Photographer credits: Dom Prestidge, Jeremy Beckers, Jeremy Hill, Lottie Hedley, Rach Stewart, Rob Tucker, Patrick Reynolds, Supplied INVEST IN TARANAKI BAY OF ISLANDS AUCKLAND NORTH 1 NEW PLYMOUTH ISLAND Taranaki WELLINGTON SOUTH ISLAND CHRISTCHURCH DUNEDIN N STEWART ISLAND New Zealand INVEST IN TARANAKI INTRODUCING TARANAKI Note: The following regional statistics were captured pre-COVID-19 and pre-alert levels. Post COVID-19 statistics will be published as soon as they are available via the Investment website. Pre-COVID statistic have been provided here to help investors understand some key information about the region. REGIONAL POPULATION: POPULATION GROWTH: PERCENTAGE OF NEW ZEALAND’S 117,561 up 1.4% POPULATION: (Census 2018) since 2017 2.4% GDP GROWTH: REGIONAL GDP: GDP PER CAPITA: $7.7B up 2.7% since 2017, $68,432 nd (year to March 2018) 3.2% of New Zealand’s GDP 2 highest in the country PRODUCTIVITY (GDP PER FILLED JOB): EMPLOYEES IN TARANAKI: 2 $132,655 59,030 in 2018 compared to NZ $97,174 filled jobs (2018), up 1.1% since 2017 BUILDING CONSENTS: HOUSE PRICES: Median house price of $334M $377,263 issued in year to June 2019 in Taranaki, compared to NZ average of $687,099 LOW STAFF TURNOVER: SKILLED WORKFORCE: RETAIL SPENDING: consistently one of the lowest turnover rates in New Zealand: Q4 2018 rate 13,555 $1.9B of 14.6% compared to NZ average of 17.1% people in knowledge- retail sales value in 2019, intensive employment up 3.2% on 2018 TOURISM: SUNSHINE HOURS: New Plymouth historical average of $428M annual tourism spend 2,197 hours (year to January 2020) annually – 7th highest place in NZ (5th highest centre) (Note: Taranaki tourism spend is split 80% domestic, 20% international) Sources: Infometrics, Venture Taranaki, Statistics NZ, MBIE, NIWA INVEST IN TARANAKI TARANAKI – A REGION WITH A BRIGHT FUTURE n our ever-changing world, there is no People from the Taranaki community, along with local better place to do business right now than government, business and iwi leaders have united in I planning around opportunities, coming together to in Taranaki. Ours is a region of unlimited develop a long-term vision of a modern, high-value potential, a place where the power of its economy – detailed in the Taranaki 2050 Roadmap. varied industries, enterprises and natural This includes actively encouraging investment and resources is matched by the energy of the innovation. It is this enduring vision that places Taranaki in a good position for swift economic recovery. innovative, entrepreneurial, and passionate people who make it successful. Taranaki New initiatives are already underway in Taranaki. Hydrogen, smart grids, and a range of renewable is well positioned to make a swift and energy technologies are being investigated and inclusive recovery from the economic implemented. Investments are being made in providing effects of COVID-19. high-value premium food and fibre products. The number of visitors to the region had almost doubled The region has long been a vital contributor to in the past decade, prior to COVID-19, as a result of New Zealand’s economic wellbeing, forged on a infrastructure development, enterprise start-ups, and buoyant food industry and a prosperous energy and increased awareness of the region as a unique and production sector. Both have taken Taranaki to the compelling visitor destination. world. With the advent of COVID-19, that world has now changed but Taranaki’s strong foundations in food, The New Zealand Government is investing in the agriculture, engineering, energy, IT, logistics, hospitality, region’s long-term vision through a number of manufacturing, and the visitor industry, coupled with key projects, including the National New Energy a can-do attitude ‘like no other’ will ensure the region Development Centre, a major upgrade to the region’s 3 not only recovers but lays the foundation for an even hospital, roading infrastructure enhancements, and the stronger and better future. development of the Taranaki Crossing, a significant visitor offering. At a regional level, local government Global expectation for greater sustainability practices, has invested in a contemporary new airport terminal to social procurement, low-emission, green or renewable better service the region’s accessibility. energy solutions, and regenerative, low-carbon footprint food and drink production are helping to In this Investment Prospectus you will learn more shape Taranaki’s direction and growth. about the boldness of the region’s vision and the opportunities on offer. Like all good businesses, Visitors looking for authenticity and a connection Taranaki has a plan and is delivering it. to culture, history and people through immersive natural experiences are shaping the region’s story. Opportunity abounds. Those looking to invest, whether through calling The COVID-19 pandemic has impacted economies all Taranaki home or establishing a commercial presence, around the world. Taranaki has been swift to respond are helping to define its future. Digital connectivity with an ambitious and exciting economic tactical and the ability to conduct business globally with a recovery plan to lead a ‘return to better’. The plan can click of a mouse are cementing its desirability as a be viewed at www.investment.taranaki.info. lifestyle choice. Taranaki has huge potential in this new environment. Sources: Infometrics, Venture Taranaki, Statistics NZ, MBIE, NIWA INVEST IN TARANAKI 4 WHY INVEST IN TARANAKI? STRATEGIC TRANSITION VISION FRONTRUNNER Taranaki has a growing population Taranaki has significant opportunity and resilient economy. The region’s to lead New Zealand’s transition to sound economic foundations a low-emissions energy future. The combined with the development of region is the base for the National a holistic plan for future prosperity New Energy Development Centre post COVID-19 and beyond ensures and held New Zealand’s first Just the region will swiftly recover and Transition Summit in 2019, bringing continue to grow, continuing its innovators, industry experts and contribution to positive national strategic leaders together with outcomes. Taranaki at the forefront. INVEST IN TARANAKI 5 INNOVATIVE GAME-CHANGING ENVIABLE INVESTMENTS LIFESTYLE An endemic spirit of pragmatic innovation prevails in Taranaki, with Significant investment by Taranaki offers an affordable, flexible solutions-focused people central and local government is enviable lifestyle for the region’s dedicated to making the region a transforming a number of local globally connected, high-achieving success. Taranaki boasts a diverse infrastructure and biodiversity workforce. With a vast natural range of enterprises, formed by projects and fostering regional playground at both front and people identifying problems, needs, connectivity. These projects are also back doorsteps, and world-class and demands, then devising and attracting additional investment in a amenities that match those of much implementing solutions. It is these range of high-value industries. larger centres, Taranaki provides a innovative and driven people that work-life balance like no other. will stand Taranaki in good stead in a post-COVID world. INVEST IN TARANAKI STRATEGIC VISION ith a population among the fastest With this growth has come increased demand for growing in New Zealand, and an products and services, providing ideal conditions for W investors and prospective enterprises to ‘set up shop’ economy that has consistently outpaced all in the region and tap into the diverse skills, knowledge other regions, Taranaki is the perfect place and can-do attitude that has made Taranaki a success. for business to thrive. As Taranaki leads the global transition to a low- More than 117,000 people live in Taranaki, and emissions economy, opportunities exist across a range this is forecast to continue to grow as the region’s of sectors, with local and central government support enviable lifestyle, high average pay, and new business at hand. Both have signalled their determination opportunities (stemming from the move to a low- to make Taranaki’s transition a success through emissions economy) attract more and more people. investment in core and transformational infrastructure.