WELLINGTON, June 25 (Xinhua) -- New Zealand's parliament on Wednesday passed legislation establishing Invest New Zealand, a new investment attraction agency set to launch operations on July 1.

The move is a central part of the government's strategy to boost economic growth by drawing international capital, businesses, and talent to the country, according to Trade and Investment Minister Todd McClay.

Invest New Zealand will operate with a strong commercial focus, working directly with global investors to unlock opportunities that create jobs, foster innovation, and enhance long-term productivity, McClay said.

The agency has been allocated 85 million NZ dollars (51 million U.S. dollars) over four years in the 2025 budget.

Invest New Zealand is tasked with attracting investment in high-growth sectors, linking international investors to local opportunities, supporting multinational research and development expansion, and strengthening the country's innovation skills base, according to the government.

A private sector advisory group will continue guiding Invest New Zealand, which aims to streamline business, cut red tape, and attract investment with long-term national benefits, McClay said. ■