National Day of New Zealand

Article excerpt

TODAY, New Zealand celebrates its National Day, which is also called Waitangi Day. The country considers this celebration a day of thanksgiving in commemoration of the signing of the Treaty of Waitangi on February 6, 1840, between the Maoris, the indigenous people of New Zealand, and the British Crown. The signatories were granted equal rights to land in New Zealand in order to avoid disputes over it.

New Zealand has an internationally competitive, market-oriented economy. There is a strong focus on international trade, with exported good and services accounting for a third of total output. A stable political environment, educated workforce, and the absence of corruption make New Zealand attractive to foreign investments.

The country underwent radical economic restructuring in the 1980s and 1990s. Reforms included the removal of subsidies, tariffs, and price controls; floating of the exchange rate; abolition of controls on capital movement; and privatization of many state assets. In recent times, government policy has shifted to a focus on encouraging growth through innovation and creativity.

Historically, New Zealand's economy was built on the farming sector and its primary producers are among the world's best. Companies like Fonterra, the world's largest exporter of dairy products, have combined traditional strengths with modern technology and business practices. …