Joyce welcomes good news on high tech exports
- 21 October, 2016 09:43
Science and Innovation Minister Steven Joyce has talked up the achievements of New Zealand’s high technology companies, citing the findings of the annual Technology Investment Network’s TIN 100 report, which found that the 200 leading hi-tech companies had combined annual revenues of $9.4 billion – up 12 percent in a year.
Joyce said the report told “an impressive story of innovation, growth and exporting success in New Zealand’s technology sector.”
His comments come just a day after release of the Market Measures survey of 300 New Zealand-based technology companies, which concluded that many demonstrated a lack of focus on sales efficiency that would prevent most of them from growing substantially.
Joyce said: “The collective export revenues of the 200 largest tech companies are up by 13.5 percent from last year to nearly $7 billion, while the total number of employees has increased by 7.9 percent in the past year with nearly 3,000 new jobs created. These 200 companies now employ almost 40,000 people.”
He added: “It’s particularly good to see that research and development across the TIN companies grew by a record 16 percent in the last year to $827 million. This is a real investment in the future of these companies, and will help lift overall the investment levels of New Zealand companies in research and development.”
The report showed revenue growth across all regions with Wellington leading regional revenue growth (15.3 percent), while Auckland contributed the greatest proportion of revenue ($5.4 billion).
The report also showed revenue growth across all three main tech sectors – high-tech manufacturing, ICT and biotech, and across all twelve secondary sectors. Healthcare was the largest secondary sector with annual revenue of $1.69 billion, while the Digital Media and Financial Services Technology sectors, with a total of 23 companies, each grew by over 20 percent.
Top performers include Fisher and Paykel Appliances, Datacom Group, Fisher and Paykel Healthcare, Gallagher Group and Xero.