Photo: RNZ / Samuel Rillstone
Companies who between them control around $6 trillion worth of funds have made their way to Auckland for the government's much-heralded Infrastructure Investment Summit.
More than 100 organisations from 14 international countries will hear from government ministers, who will showcase areas in their portfolios where there are investment opportunities.
The guest list includes Brookfield Asset Management from Canada, which oversees more than $2 trillion in assets, and Scottish firm Aberdeen Investments, which has $1.1 trillion in assets.
Representatives of sovereign wealth funds from Malaysia and South Korea will be attending, as well as household names like Hyundai and Mitsubishi.
The Prime Minister was keen to say how the event was "oversubscribed," and there are some notable absentees.
In his opening speech, Luxon welcomed potential investors with an appeal for the overseas and New Zealand companies in the room to develop relationships outside of just infrastructure projects.
While the bulk of his speech was on work the government was already doing, such as reforms to the Resource Management Act or to overseas investment, Luxon told the representatives he wanted New Zealand to compete harder on the world stage when it came to infrastructure development.
"Many of your organisations will have extensive experience delivering outstanding world-class infrastructure to national and regional governments worldwide," Luxon said.
"I want New Zealand to seize every opportunity to partner with the private sector and deliver a fresh generation of infrastructure investment to unleash economic growth."
There was no hint of the projects that would be showcased.
Luxon told attendees the bipartisan political representation demonstrated most New Zealanders shared the same motivations.
"Higher incomes and more financial freedom, quality public services, and a long-standing belief that our best days lie ahead of us," he said.
"When you look at all the tension, volatility, and strife in the world today, I think that makes us pretty special, and a very attractive destination for anyone looking to take shelter from the global storm."
The United Arab Emirates' Ministry of Investment is among those listed as attending.
That after Christopher Luxon said on Monday there was a "world awash with cash" and the government wanted more of a share of the world's pension funds and sovereign wealth funds coming into New Zealand.
Some firms who will be at the summit have already been involved in Public Private Partnerships, such as Spanish firm Acciona, which secured the PPP to build the Puhoi-Warkworth road, and CPB Contractors, which was responsible for building Transmission Gully.
Global Infrastructure Partners, which was recently acquired by private equity firm BlackRock, will also be in attendance.
BlackRock was a major investor in SolarZero, but then placed it into liquidation last year.
New Zealand law, construction, and financial services firms will also be there, with the government hoping they can woo the international visitors to partner on projects.
Those conversations may end up being on the the side-lines, with the two-day programme almost entirely taken up by speeches from government ministers.
The delegates, who were hand-picked by the government but have travelled to New Zealand at their own expense, will spend the two days watching presentations from a rolling maul of ministers, keen to showcase areas where New Zealand could get funding in areas like health, transport, education, resources, and even courts.
The transport minister Chris Bishop has already confirmed attendees will be invited to register their interest in the 26km Warkworth to Te Hana section of the Northern Expressway, which will include a 850m twin-bore tunnel.
The government expects detailed design and construction to be ready by the end of 2026, and cars to be on the asphalt by 2034.
BusinessDesk has reported it is one of only four PPPs that may be ready in the short-term, along with an army accommodation project at Linton, the redevelopment of Christchurch Men's Prison, and courthouse projects in Waitākere and Rotorua.
"The summit is not just about the short-term investment propositions or opportunities. It's about a long-term pipeline," Bishop said earlier in the week.
Four areas of growth, including aquaculture, renewable energy, clean technology and 'advanced transportation' (i.e. space) will also be highlighted.
On Friday, Labour's finance spokesperson Barbara Edmonds will address the attendees.
Her speech, titled "Investing in New Zealanders," will set out Labour's views and values regarding international investment and its bottom lines.
"We need investment that is inclusive and sustainable, that is built on the talent of our people. But the real question is not whether we welcome investment, it is how we ensure investment works in the best interests of New Zealanders," she said.
Bishop has said Edmond's attendance is a commitment to bipartisanship on infrastructure.
Both government and opposition are aware of the propensity for governments to come in and throw out projects their predecessors were working on, and will be keen to present a united front to investors wary their plans will be subject to New Zealand's electoral cycle.
That has not stopped Bishop from criticising Labour for cancelling roading projects when it came into power in 2017, nor it has not stopped Chris Hipkins from levelling a potshot at the summit, which he now sees as a "promotional festival for the National Party."
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