Businesses are hoping proposed reform of the Overseas Investment Act, is the first in a suite of changes

The Government wants to include making investment decisions in 15 days rather than 70 - aside from those for residential land, farm land and fishing quota, and unless it goes against national interest.

BusinessNZ says changing the settings is a positive first step in showing the world New Zealand welcomes investment.

But chief executive Katherine Rich says further changes are needed.

She says it's about welcoming investors, but also about concentrating on government spending and getting rid of over-regulation.