An unexpected journey - 15 years with the Leadership Network

Tim McCready joined the Leadership Network in 2010, but his journey truly took flight two years later—in the unexpected setting of Vladivostok. That visit became the catalyst for a series of adventures: driving across Russia, travelling to Myanmar through the Foundation’s Young Business Leaders Initiative, working across Southeast Asia, and emerging as a respected voice on trade and geopolitics. In March, now 15 years into his involvement with the network, Tim shared his inspirational story at a meeting of the Foundation’s Honorary Advisers, reflecting on how the network has helped shape his life and career. What follows is the speech he delivered at that gathering.

We’ve all had moments in life that felt ordinary at the time, just another day. But looking back, you realise that moment put you on a completely different path.

For me, that moment happened in one of the last places I ever expected. But more on that in a moment.

I’ve been part of the Asia New Zealand Foundation’s Leadership Network since 2010. That involvement has given me incredible experiences: exploring Asia’s business and culture, connecting with thought leaders and future leaders, and serving as Chair of the Leadership Network advisory group.

My career has been varied. I’ve:

  • helped startups raise capital.
  • supported multinationals entering New Zealand.
  • worked with many different government agencies on strategy.
  • spent considerable time in Southeast Asia helping businesses understand regional opportunities.
  • written on trade and geopolitics for the New Zealand Herald, and emceed many of New Zealand’s highest-profile business summits.

At the heart of it, my work sits at the intersection of business, trade, and investment, helping the public and private sectors navigate an increasingly complex world.

I don’t share this to list achievements, but to show how central the Asia New Zealand Foundation has been to all of it.

And, somewhat unexpectedly, it all started not in China, Japan, or Singapore. But somewhere we don’t often think about as even being in Asia – Vladivostok, in the far east of Russia.

People often say New Zealand sits at the edge of the world. In my opinion, that edge is Vladivostok.

Remote and bordered by North Korea and China, just across the sea from Japan, it’s one of the most distant major cities from its own capital, both in geography and influence. The Asian influence there is unmistakable, shaping the city in ways that make it feel a world away from Moscow.

In 2012, the Asia New Zealand Foundation advertised an opportunity for Leadership Network members to attend APEC in Vladivostok, as part of the Voices of the Future delegation.

I think that is the one and only time the Foundation has sent anyone to Russia.

At the time, I was working for NZTE in London, leading its European investment activity. I thought I had a solid understanding of international business and trade. But suddenly I was at one of the most high-profile economic summits in the world, and it shifted everything I thought I knew.

Many of the people here tonight have attended multiple APEC summits, helping shape trade agreements and international policy and dialogue. But for me at the time, it was all new.

Let me take you back to 2012:

John Key was New Zealand’s Prime Minister. Hu Jintao was in his final few months as President of China.

Psy’s Gangnam Style was spreading around the world, introducing a new generation to K-pop

President Barack Obama was in full campaign mode ahead of the Presidential election where he was up against Mitt Romney, and because of that Hillary Clinton (as Secretary of State) delivered the US address at APEC in his place.

One of Prime Minister John Key’s top priorities while he was in Russia was to progress a Free Trade Agreement with Russia, Belarus, and Kazakhstan.

As we now know, that didn’t eventuate. After Russia’s annexation of Crimea, the FTA never progressed.

I caught up with John Key just before his meeting with Putin. We talked about the upcoming meeting, and he admitted he was a little nervous.

And that conversation taught me that trade deals aren’t just about economics.

They’re about geopolitics. They’re about relationships. They’re about the personalities of world leaders. And in many ways, we are seeing that play out now more than ever.

That experience at APEC seemed to set off a chain reaction that shaped the rest of my career.

While at APEC, I found myself in conversation with a group of business leaders and journalists, including one from the New Zealand Herald. At one point during the conversation, she turned to me and said, ‘You should write about that.’

I hadn’t considered it before. But the idea stuck. So, I gave it a go.

And since then, alongside my other work commitments, I’ve been writing on trade, investment, and international affairs, always with a strong focus on Asia.

That led to regular commentary on TV and radio, and the chance to moderate and emcee major business events both in New Zealand and also internationally.

And, eventually, attending APEC in 2012 led me to what I feel is the ultimate full-circle moment.

Fast forward to 2021, and it was New Zealand’s turn to host APEC.

This time, I wasn’t in the audience, I was curating the content for the CEO Summit – including facilitating some of the discussions that took place on stage.

The lineup included Angela Merkel, Amal Clooney, the chair of Tesla Robyn Denholm and other top business and political figures from across APEC economies.

The shift from being an audience member in Vladivostok to helping shape the dialogue on a global stage started with one opportunity when the Asia New Zealand Foundation called for applications to attend APEC.

Of course, many of you will remember that 2021 didn’t turn out to be the APEC New Zealand had hoped for. COVID had other plans. While Auckland was under heavy COVID restrictions, I was on the main stage of Auckland’s Aotea Centre, overseeing the live broadcast to a global audience.

Despite the challenges, it was a huge success and remains one of the most surreal and rewarding moments of my career.

But the Foundation hasn’t just shaped my career. It has changed how I see the world.

One of the Russian delegates at the Voices of the Future Programme at APEC in Russia – Igor – became a good friend. He visited New Zealand, we did a bit of a road trip around the country. I half-joked that we should do something similar in Russia and drive across it. He said absolutely no way – “that would be a terrible idea!”

But twelve months later, I had convinced him to do it, and I was back in Russia. Not for a summit. Not for work. But to drive across the country with Igor and another New Zealand friend of mine, in a Toyota Prius I bought in Japan and had shipped to Vladivostok.

Over five weeks, we drove 15,000km from Vladivostok to St Petersburg. Along the borders of China, Mongolia, and Kazakhstan, meeting people and seeing the country in a way no conference could ever show me.

That’s something that has stuck with me whenever I travel to Asia.

You cannot understand a country, its economy, its culture, its opportunities, just by reading reports or sitting in meeting rooms. You have to be there, on the ground.

Another important thing I wanted to highlight is that none of what I have done would have been possible without the networks I have built.

I didn’t have a strong network starting out. The Foundation gave me my first connections. It put me in rooms I never thought I’d be in and introduced me to amazing people.

A few years after my time at APEC, I travelled to Myanmar with the Foundation as part of the Young Business Leaders Initiative to connect with emerging leaders across Southeast Asia.

At the time, Myanmar was at a turning point, opening up and attempting to transition from military rule to democracy.

It felt like a nation on the brink of something new. The people I met there weren’t just interested in business, they were thinking about what Myanmar’s future could be, what role they could play in shaping it, and how we could all work together to connect Myanmar with the world.

Sadly, things have changed for Myanmar since then.

But here’s the thing: those relationships didn’t disappear.

The friendships I made in Yangon (Myanmar’s largest city) remain. Some of those people are now close friends. Some I’ve since worked with on trade opportunities between New Zealand and Southeast Asia.

Even in uncertainty, relationships endure.

That’s why I’m so grateful to the Foundation and to all those who support it. Because of your work, people like me have been able to build careers, networks, and perspectives that wouldn’t have otherwise existed.

So no, Vladivostok 2012 wasn’t a defining moment for New Zealand-Russia relations. It wasn’t even particularly a defining event for global trade.

But it was a defining moment for me.

It opened doors I didn’t know existed. It changed how I see business. And it led me to opportunities that transformed my life.

That’s the power of the Asia New Zealand Foundation.

And as Asia’s importance to New Zealand continues to grow, the Foundation’s work has never been more vital.

To everyone who contributes to that mission: thank you. You’re not just shaping an organisation. You’re shaping the future of so many people’s lives.

New Zealand Infrastructure Investment Summit 2025 (LinkedIn)

Hong Kong & Investment conversation with Anna Thomas, Summer Times (RNZ)

Listen here

I enjoyed joining Anna Thomas on RNZ’s Summer Times show this morning to chat about my recent visit to Hong Kong for the Asian Financial Forum (AFF). Our discussion covered:

📈Cautious optimism in the financial sector: Despite the uncertainty looming over markets caused by the Trump administration, there’s a prevailing sense of confidence in global markets.

🌏Markets to watch: Southeast Asia and the Middle East stood out at the Forum as hotspots for growth and investment opportunities.

🤖AI’s impact on finance: Artificial intelligence is transforming the financial sector, from predicting trends and outperforming humans, to making financial services more accessible to everyday investors.

🛍️Changing shopping trends: Many Hong Kong locals now head to mainland China for shopping, dining and even dental work – thanks to the convenience of high-speed trains and the allure of lower prices and wider options across the border.

🦢The (non-work) highlight: Of course: food! Including a comparison of budget vs. high-end roast goose. (Spoiler: the budget spot came out on top!)

Dynamic Business: FIF rules - the context has changed (NZ Herald)

Dynamic Business: FIF rules – the context has changed (NZ Herald)

Venture capitalist Rob Coneybeer underscores the connection between talent, innovation and foreign direct investment (FDI).

“While FDI is important, it is the talented individuals who drive innovation – and that innovation is what ultimately attracts investment,” he says.

Using Rocket Lab as an example, Coneybeer illustrates how founder Sir Peter Beck built an internationally renowned company by assembling a highly skilled team, with many recruited from outside New Zealand. Their collective expertise brought in global investment and helped establish New Zealand as a leader in space technology.

Coneybeer, who is managing director and founder of US-based venture capital firm Shasta, underlined the issues at the recent United States Business Summit in Auckland.

A migrant to New Zealand himself, he highlights the country’s natural advantages: political stability, its environment and a reasonable cost of living. He says these factors all make New Zealand an appealing destination for global talent, but the Foreign Investment Fund (FIF) rules turn otherwise enthusiastic innovators and investors away.

“New Zealand can have a great big bucket for foreign direct investment, but if you have this big hole in the bottom that keeps people from engaging and living here, then it’s not worth the effort,” Coneybeer says.

Revenue Minister Simon Watts recently announced a review of the FIF rules as part of Inland Revenue’s tax and social policy work programme. This has been broadly welcomed by both business leaders and policy analysts, who have long argued for reform.

Labour’s finance spokesperson Barbara Edmonds supports the review, acknowledging the FIF rules are outdated. “When the FIF rules were designed, we didn’t have the global mobility of labour that we have now. The context has changed, and people are more able to choose New Zealand as a place to work,” she says.

Edmonds – a former Labour Revenue Minister and IRD tax lawyer – says the potential fiscal loss as a result of any changes will be top of mind for the government, but “there are some elements that could be changed on the edges without it being a potential risk to revenue base”, such as adjusting the $50,000 threshold, which hasn’t changed since the rules came in.

She also points to the transition period as another area that could be considered. It is currently four years but could be extended.

Coneybeer suggests that options should be explored such as allowing individuals to voluntarily opt into a capital gains taxation instead of FIF. He argues that this approach could be revenue-neutral or even revenue-positive.

“If they had the ability to opt into realisation-based taxation on assets in lieu of FIF, then that revenue could come to New Zealand because it is already accounted for with a clear offset against US capital gains tax in the tax treaty,” he says.

Edmonds points out that the FIF rules make up part of a broader discussion on tax reform. She notes growing momentum, citing the International Monetary Fund (IMF), the World Bank, the OECD and senior business leaders who have identified gaps in New Zealand’s revenue base.

“There is an opportunity to look at the FIF rules and how they work, if New Zealand had a capital gains tax,” she says.

Green energy: A competitive edge

Reflecting on what New Zealand could lean on to attract further international investment, Edmonds told the US Business Summit that New Zealand’s renewable energy resources offer a unique competitive edge. She sees it as a foundation for addressing several of New Zealand’s challenges simultaneously: climate resilience, economic growth, and job creation.

She highlights the strategic importance of New Zealand’s clean energy advantage, particularly as companies intensify efforts to decarbonise supply chains. The ability to offer clean, renewable power positions New Zealand as a preferred location for companies looking to align operations with sustainability goals.

“New Zealand has an edge ahead of the world in renewable energy,” she says, noting that climate-related disclosures are requiring companies to track emissions through their supply chains which makes New Zealand’s high proportion of renewable energy a magnet for international businesses.

“More and more international companies, including one I met from the US just a couple of weeks ago, want to come to New Zealand and scale here because of our renewable energy sources,” she adds.

“Our high renewable energy numbers already give us a significant head start,” Edmonds says. But she stresses the importance of continued investment in energy generation, transmission, and storage infrastructure to realise this potential fully.

Foreign investment rules

New Zealand’s FIF rules are increasingly cited as an impediment to attracting global talent and investment to New Zealand. Introduced almost 40 years ago, the rules were designed to prevent wealthy taxpayers from shifting assets to offshore tax havens out of sight of Inland Revenue. However, they’ve not kept pace with modern economic realities.

Under the rules, New Zealand residents with overseas investments are taxed as though those assets generate a 5% return annually, regardless of whether they are liquid or not.

This can result in double taxation, particularly with the US, where New Zealand’s tax agreement fails to offset FIF taxes against US capital gains.

The FIF rules have significant implications for attracting skilled migrants and returning expats. Many reconsider moving to or staying in New Zealand because of the financial penalty these rules impose.

 

US Business Summit 2024: US capital – The spur for New Zealand’s growth story

Co-founder of Shasta Ventures and a 24-year veteran of venture capital, Rob Coneybeer discussed how New Zealand can position itself to attract foreign direct investment. Rob shone a light on New Zealand’s appeal as an investment destination, sharing insights into how the country could attract much needed foreign direct investment and thrive in the global market.

He was joined by Hon Barbara Edmonds, a former tax lawyer and Labour’s Finance Spokesperson, who spoke about how New Zealand can take advantage of US investment, bringing a fresh perspective on Labour’s approach to fostering stronger economic ties and capitalising on opportunities.

Moderator: Tim McCready Summit MC

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US Business Summit 2024
22 November 2024 at Cordis, Auckland. Brought to you by NZ INC. and Auckland Business Chamber.

US Business Summit 2024: Bright ideas and big markets – Dr Will Barker & Professor Delwyn Moller

Two visionary New Zealand leaders shared how advanced technologies in green metal extraction and aerospace innovation were addressing global challenges, from climate change to resource scarcity, while also creating vast opportunities in international markets.

Will Barker, CEO of Mint, highlighted how urban waste can be transformed into valuable green metals, reducing reliance on traditional mining and enabling a low-carbon, circular economy.
Professor Delwyn Moller presented cutting-edge innovations in aerospace technology, showcasing how Earth observation systems and advanced remote sensing are being used to address global challenges.
Moderator: Tim McCready – Summit MC

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US Business Summit 2024
22 November 2024 at Cordis, Auckland. Brought to you by NZ INC. and Auckland Business Chamber.

US Business Summit 2024: Call to order, Tim McCready

CALL TO ORDER
MC: Tim McCready

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US Business Summit 2024
22 November 2024 at Cordis, Auckland. Brought to you by NZ INC. and Auckland Business Chamber.

Sustainable Business and Finance: Banking on green loans (NZ Herald)

Sustainable Business and Finance: Banking on green loans (NZ Herald)

ICBC New Zealand is committed to supporting New Zealand’s sustainability journey, acting as a key partner for businesses adapting to sustainable development.

A subsidiary of the largest bank globally by total assets, the Industrial and Commercial Bank of China, ICBC New Zealand has set a green finance strategy that promotes green and sustainability-linked lending, with 20% of its current corporate lending portfolio directly tied to green or sustainability-linked loans.

These financing options, structured specifically to promote environmentally beneficial initiatives, are playing a vital role in helping New Zealand businesses transition to more sustainable practices.

“Our green finance strategy allows us to partner with New Zealand businesses in a meaningful way, helping them achieve their environmental goals while aligning with ICBC Group’s commitment to sustainability,” says Kevin Xu, deputy head of corporate and institutional banking at ICBC NZ. “By working together, we foster partnerships that support measurable, positive environmental and social impacts.”

Green loans, for example, require that their proceeds go exclusively toward projects that will deliver clear environmental benefits.

“This structure not only aligns businesses with sustainability goals but provides financial motivation, as businesses that meet specific green benchmarks can secure lower interest rates.’

This approach reflects a growing trend in New Zealand and globally, where companies are increasingly transforming their business models to align with environmental, social, and governance (ESG) principles. ICBC New Zealand points to local examples, including traditional IT suppliers pivoting to provide solar solutions and timber businesses moving into renewable energy.

“Green and sustainability-linked loans offer financial advantages that appeal to businesses motivated to achieve measurable outcomes,” adds Xu. “This not only supports their ESG goals but also offers tangible cost benefits.”

ICBC New Zealand has been striving to build up a diverse green and sustainability-linked lending portfolio, with projects spanning multiple sectors, including a sludge minimisation facility in Wellington; a green loan for Far North electricity provider Top Energy; and a sustainability-linked loan for Waste Management NZ, a leader in recycling and waste management.

ICBC Group’s focus on green finance aligns with China’s sustainability goals, aiming to reach peak carbon emissions by 2030 and carbon neutrality by 2060.

The group also supports China’s “Five Major Financial Articles” policy framework, which focuses on priority areas to strengthen the Chinese financial sector: scientific and technological finance, green finance, inclusive finance, pension finance, and digital finance.

ICBC New Zealand aligns its business strategy with the group’s direction to strengthen the New Zealand-China relationship, building high-quality, long-term partnerships in sectors critical to sustainable local development, including infrastructure, healthcare and education.

Through its work with local businesses looking to expand into China, ICBC New Zealand offers access to Chinese markets, resources, and opportunities while also facilitating Chinese investment into New Zealand.

This two-way connection is helping to foster knowledge exchange, offering both countries opportunities to share expertise in areas such as technology, aged care, and sustainable funding practices. “Our focus on building long-term partnerships and supporting a high-quality customer base highlights our dedication to fostering strong, lasting connections with our clients,” says Xu.

“As a reliable banking partner, ICBC New Zealand invests in infrastructure, people-focused businesses, and long-term assets that foster to local growth. Through this approach, we advance both the bank’s goals in sustainable finance as well as contribute to New Zealand’s resilient economic future, with a commitment to local prosperity and shared international objectives.”

ICBC NZ’s sustainable projects
Top Energy green loan

ICBC New Zealand is a lender to Far North electricity generator and distributor Top Energy. Following the success of reinjecting carbon emissions from the Ngāwhā geothermal power stations back into the geothermal reservoir, Top Energy had sufficient eligible assets to convert all its lending facilities into green loans.

In October 2024, Top Energy converted all its bank facilities, including ICBC New Zealand facility, into green loans. Eligible assets for the green loans include renewable geothermal generation plants, electrical grids and storage assets.

Under the green loan terms, ICBC New Zealand provides an interest discount contingent on Top Energy maintaining eligible assets equal to its total green loan limit. Top Energy will demonstrate ongoing eligibility through annual update reports.

Waste Management

In 2022, ICBC New Zealand provided meaningful support in a bank syndication to assist Igneo Infrastructure Partners with the acquisition of Waste Management NZ, a leader in materials recovery, recycling and waste management.

Igneo Infrastructure Partners has a strong focus on sustainable value creation and responsible investment, and since the acquisition has revised Waste Management’s strategy to be circular, with the ambition to power a carbon-neutral circular economy for future generations. In line with its sustainability commitments, Waste Management worked with its banking partners to develop a sustainability-linked financing framework, converting its syndicated facilities into a sustainability-linked loan. This loan includes a pricing adjustment mechanism based on Waste Management’s performance across three key indicators: climate change (carbon neutrality by 2050), circular economy (recovered materials tonnage), and employee sustainability training (25% of staff will undergo annual training on climate and circular economy topics).

Wellington sludge minimisation facility syndicated green loan

In August 2023, ICBC New Zealand acted as joint mandate lead arranger and joint sustainability co-ordinator in a syndicated green loan to fund the Wellington sludge minimisation facility at Moa Point. This supports Wellington City Council’s goal of net-zero carbon by 2050 by reducing annual sludge volume by up to 80% and cutting carbon emissions by as much as 60%.

The facility also aims to improve biosolid quality for industrial or horticultural reuse and uses treated wastewater to ease demand on Wellington’s drinking water supply.

This project was enabled by the Infrastructure Funding and Financing Act 2020, which allows debt to be raised without impacting the council’s balance sheet. Instead, Crown Infrastructure Partners will manage a special-purpose vehicle that will levy most rate-paying properties in the city for 33 years, starting from July 2024.

ICBC New Zealand is a sponsor of the Herald’s Sustainable Business & Finance report.

Mood of the Boardroom: War in Taiwan could hit New Zealand trade hard, executives say (NZ Herald)

Mood of the Boardroom: War in Taiwan could hit New Zealand trade hard, executives say (NZ Herald)

Executives were asked in the Herald’s Mood of the Boardroom survey whether they are concerned the China-Taiwan conflict could escalate into war and if it would affect New Zealand’s interests.

Some 68% of business leaders say they are concerned. The remaining 22% are not, while 10% say they are unsure.

China’s significance to New Zealand’s economy means any disruption to trade would have far-reaching effects.

Barfoot & Thompson managing director Peter Thompson reflects this concern.

“China is a big player for New Zealand business, and if war broke out, trade deliveries would be slowed, having a huge impact on businesses back here, similar to during the Covid period.”