Firms in New Zealand ‘s information and communications technology (ICT) sector are pouring money into both expansion and research and development, according to a major report. Attracting highly-skilled graduates remains a persistent problem for the industry though.
It shows that a third of all firms undertook research and development last year – four times the average in other sectors – at an average spend of $1.1 million.
Nearly half of companies in the sector invested in expansion, which was almost twice the national average. Economic Development Minister Steven Joyce said the ICT sector contributed 5 per cent of the country’s GDP.
One of the sub-sectors, IT services, had achieved export growth of 10 per cent per annum since 2002. One of the biggest challenges facing the sector was the international shortage of highly skilled IT professionals.