National Day of New Zealand

Article excerpt

Independence Day of New Zealand is celebrated with great fervor and zeal by the citizens of the country. Officially, February 6 is observed as the Independence Day throughout New Zealand and is celebrated as “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.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.The country underwent radical economic restructuring in the 1980s and 1990s to increase competitiveness.Reforms included the removal of subsidies, tariffs and price controls; the floating of the exchange rate; the abolition of controls on capital movement; and the privatization of many state assets. In recent times, government policy has shifted to a focus on encouraging growth through innovation and creativity. A stable political environment, educated workforce, and the absence of corruption make New Zealand attractive to foreign investments. New Zealand’s open economy is known for being one of the world’s most free market capitalist economies. …