Australian attitude to foreign ownership "schizophrenic", visiting business chief to tell government
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| Maria Livanos Cattaui will address the National Press Club in Canberra tomorrow |
Canberra, 26 November 2002 - In a speech to the National Press Club tomorrow, visiting international business leader, Maria Livanos Cattaui will tell the Australian government its attitude to foreign ownership is "schizophrenic".
The head of the International Chamber of Commerce (ICC), visiting Australia this week for meetings with Prime Minister John Howard and Australian CEOs, will use her visit to Australia to underscore what she believes is a hypocritical - and short-sighted - policy towards foreign investment.
"Australia seems to be somewhat schizophrenic in wanting foreign investment but fearing foreign ownership of assets on Australian soil - a recent example being the decision to retain the foreign ownership cap on Qantas," she writes in an op-ed article, expected to be published tomorrow.
"Accepting foreign ownership of Australian icons can look to some like pawning the family silver, but this reaction is misguided since countries that block foreign investment are the losers in terms of jobs, technology, management skills and the creation of business opportunities."
ICC is the world business organization. With over 8,000 member companies from more than 140 countries, it is the world's largest, most representative private sector association.
The Australian chapter of ICC (ICC Australia) was re-launched last year, with the express aim of better integrating Australian companies into the global economy.
Ms Livanos Cattaui has been the chief executive of ICC for six years. Previously, she was the managing director of the World Economic Forum, responsible for organizing its annual meeting in Davos, Switzerland.
Ms Livanos Cattaui will also use tomorrow's press club speech to urge a speedy review of Australian legislation with a view to making the country more attractive to foreign investors.
"International business, which ICC represents, hopes these reviews will solve important problems such as excessively restrictive rules on mergers and takeovers and a tax regime that is unwelcoming towards foreign multinationals," she writes.
Ms Livanos Cattaui will address the National Press Club in Canberra tomorrow (Wednesday, November 27).
For further information on the speech, Ms Livanos Cattaui or ICC Australia, contact ICC Australia CEO, Martin Cox (0438 567 038) or the National Press Club directly (02 6273 3644 ).