From the comments

Here is BP, on New Zealand:

New Zealand has a chronic shortage of equity capital, exacerbated by a generous pay-as-you-go state pension and a tax system that favours passive landholding as a wealth accumulation vehicle. The country consequently imports a large amount of capital to meet the savings-investment balance and this requires a high equilibrium rate of interest. As a result the exchange rate is chronically high, the returns to exporting are lower than they should be given the country’s bounty, and the hurdle rate of return on investment on new equity investment is high. (Apart from this, the policy mix is pretty good). Many good innovative businesses emerge only to be bought by American corporations or funds before they get to more than say $100m in value, as there is a paucity of domestic investors.