Mr English announced a review of the Overseas Investment Act which, he said, could provide greater certainty for investors by removing the ability to substantially change overseas investment rules during applications - avoiding the situation seen last year with Auckland airport.
Last year, the former Labour government rejected a bid of nearly $2 billion by Canada Pension Plan Investment Board for a 40% stake in the airport.
Shares fell sharply on the rejection when the government said the bid fell short of investment criteria which regulated ownership.
The bid by the Toronto-based pension fund had received enough support from shareholders to move ahead with the offer.
Mr English said the National-led Government would consider removing the previous government's strategic asset test, which was never properly defined and created considerable confusion and uncertainty.
Labour's associate finance spokesman David Parker said the weakening of legislative protection for strategically important infrastructure had opened the door for the gateway to New Zealand being sold to offshore investors.
"With around seven million international passenger movements through Auckland International Airport last year, it is an understatement to say it is strategically important infrastructure.
"While quality overseas investment in New Zealand is to be encouraged, flogging off a large share of AIA ownership to overseas investors would not be in New Zealand's best interests."
