Trading and investing in a smart economy
NZ Ready is a free online tool to help you plan your move to New Zealand, ensuring you know how things work here and have a hassle-free move. In most cases you'll need a job offer to support your work visa - so your first task will be finding a job. If you're an entrepreneur or investor looking to create positive global impact, our new Global Impact Visa GIVs could be for you. New Zealand has an open economy that works on free market principles. Over the last 30 years our economy has gone from being one of the most regulated in the OECD to one of the least regulated, most free-market based economies.
Fertile soil and excellent growing conditions coupled with sophisticated farming methods and advanced agricultural technology provide the ideal environment for pastoral, forestry and horticulture activities. Complementing primary production are sizeable manufacturing and service sectors and trading and investing in a smart economy high-tech capabilities.
Tourism, film production, and winemaking are also significant. We have a low-inflation environment, with monetary policy managed by the Reserve Bank, our independent central bank that is charged with maintaining price stability. We have a long-standing flexible exchange rate. There are no exchange controls or restrictions on bringing in or repatriating funds. Annual growth has averaged 2. Share prices, despite a strong rally trading and investing in a smart economy the global finanical crisis, remain underpinned by growing corporate earnings and attractive dividend yields.
The government is pursuing further opportunities in Europe and also in emerging regions including the Middle East and Latin America.
While we export a wide and growing range of products, commodity-based products trading and investing in a smart economy a main source of export receipts.
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The fact that technology is affecting trade is not new, but the velocity, scope and systemic impact on the mechanics of trade represented by the Fourth Industrial Revolution is unprecedented. The profound effects should be felt in every industry and every nation. Yet it often feels that progress remains awfully slow. For the average importer and exporter, trade hurdles are still very significant.
In an environment overflowing with state-of-the-art technology, physical inspection rates at customs remain high, contents of containers still go missing under customs control in transit over land, and pushing around paper documents seeking multiple rubber stamps for goods to clear customs remains a widespread practice.
Many developing countries struggle to harness the power of new technologies, as they are often simply not prepared in terms of infrastructure, governance, expertise and legal framework.
They make possible the tracking of goods being shipped over oceans and across borders in real time. Atmosphere-controlled cargoes and remote monitoring are making global fruit and vegetable supply chains more secure and transparent than ever. For example, Ericsson and Maersk installed trading and investing in a smart economy monitoring oncontainers, combined with mobile and satellite communication technology that passes on vital stats such as temperature, location and power supply.
But applying this technology through the long transit corridors of Africa paints a different story. Many governments have adopted the use of smart seals to ensure the integrity of the goods for customs purposes in transit to landlocked countries.
This strategy makes complete sense, removing the need for complicated and expensive customs escorts. However, the effectiveness falls short when the data acquired is not properly analysed by untrained officers, when tampering alerts cannot be acted upon due to a lack of interception vehicles, or when suspected fraud cannot be brought to justice due to a lack of an appropriate regulatory framework.
Trading and investing in a smart economy remains is expensive ultramodern technology that does not deliver on promises and frustrates trading and investing in a smart economy trading community. Another example of trade-facilitating technology is e-permitting. Already, standardized electronic trading and investing in a smart economy messaging maintained by UN agencies enables countries to exchange electronic sanitary and phytosanitary certificates, such as the ones required for most trade of agricultural products.
A globalized, harmonized business-to-government electronic permitting tool would massively accelerate the release and clearance trading and investing in a smart economy such goods through customs, and ultimately consolidate technologies such as e-signatures, e-permits and e-payments into a single process.
In this domain, blockchain and other forms of distributed ledger technologies are promising to trading and investing in a smart economy the next frontier. Smart shipping contracts — which are agreements between parties — stored on a blockchain platform will perform at great speed the refund of deposits, the payment of taxes and the production of regulatory reporting.
When applied to trade finance issues, this technology is expected to bring the paper-based letter of credit process down from seven days to four hours, massively speeding up the interaction between buyer and seller.
The middle man that was always needed in the paper-based system will be eliminated. But document dematerialisation is nothing new. So-called Single Window solutions, aimed at electronically connecting stakeholders to cut down on paper, have emerged around the world for the past 20 years. Nowhere has this been so rapid as in some of the least developed countries looking to leapfrog generations of technology, like the cellular phone did so effectively a number of years ago.
Technology alone, without accompanying measures, does not simplify things, it complicates and increases risk. The hard reality is that such government software projects require enormous preparation in terms of infrastructure, capacity, planning and governance. Software can be expensive to purchase, to host, and, importantly, to maintain. It requires stable power and connectivity, all the way to remote border crossings, and it relies on advanced data-management skills to operate.
If we recognise the complexities at hand trading and investing in a smart economy act upon them in a disciplined trading and investing in a smart economy structured way, technology will eventually deliver, and trade obstacles will be reduced. For developing countries to utilize technology as an effective trade facilitator, it is imperative that time and resources are spent in establishing the proper infrastructure and processes, in training government officials, and focussing on cost-benefit.
It is essential that technology responds to a defined need, is attuned with financial possibilities to support it in the long term, and is not overpromising. Involving both importers and exporters is essential, as these will be the end users and know about pragmatism and return on investment. When embracing new technologies and embarking on ambitious reforms, care should be taken to ensure safe integration into local environments.
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