Wellington, July 31 NZPA - Mainfreight, the logistics company that started in modest circumstances 30 years ago, plans to have more than $2 billion of revenue, and 400 branches around the world by 2012.

"Your company has completed 30 years of operations, and by the standards of the New Zealand transport industry we have done well," executive chairman Bruce Plested told shareholders at the annual meeting today.

"We have become the largest operator in our sector in New Zealand, brought much innovation and quality to the industry, and we continue to deliver growth and profitability not only in New Zealand but also in those markets we have expanded to around the world," he said.

The company began expanding internationally 19 years ag o and it now has 170 branches across the world.

The international expansion had served the company well but at no time had it turned its back on New Zealand, he said.

"We remain determined to be New Zealand owned and operated."

Mr Plested reflected that the country had not down as well as his company.

"In 1970 we were 12th in the world in GDP per capita, and Australia was only just ahead by three places.

"By 2007 New Zealand has dropped to 22nd, 15 places behind Australia."

He said New Zealand must have a bigger and better productive sector.

"To create this we need innovative governance, rather than the boring, tax hungry bureaucracy, which has been the signature of the governments in power over these past three decades with the very odd exception."

He called for company tax at levels that will attract larger businesses, higher standards of management quality, a slashing of compliance costs and higher education standards.

"N ew Zealand can do much better," he said.

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