Large business delegation bound for India

MEDIA RELEASE – Tuesday 22 August, 2023

Fifty business representatives will leave later this week bound for Delhi, making it one of the largest delegations ever to head for India. The delegation, comprising members and senior leaders of five business organisations, comes at a time of renewed focus on New Zealand’s trade and investment relationship with the world’s most populous state.

“No country is enjoying economic growth quite like India is achieving in a sluggish global market and I believe taking deliberate steps to develop two-way trade and investment could be potentially very significant for New Zealand’s future”, says Auckland Business Chamber CEO Simon Bridges.

The delegation reflects  a re-prioritising of ties with India. The India New Zealand Business Council published a major review of the economic relationship in April and it has contributed to a great deal of discussion in trade, investment and political circles.  “We hope deals get done during this visit but delegation participants are intent on taking a medium-term approach to trade and investment. India is a very large market with a rich culture and history and so understanding its national and sector development priorities will be one of the keys to winning sustainable ongoing business”, added INZBC Chairman Michael Fox.

On the subject of a future free trade agreement, he noted:

“New Zealand has already explored an FTA with India. While we will always be interested in a comprehensive agreement, there is much to be achieved, even in the absence of an FTA, to grow the relationship. The best way to prepare for that possibility in the future is to invest in broadening and deepening trade and investment ties now”, Mr Fox said.

The Indian government has identified agriculture, agritech, education, fintech, forestry, horticulture and renewable energy as key priorities and New Zealand mission participants have the technologies and skills to address some of those development needs.

Five percent of New Zealand’s population is of Indian descent and Indian New Zealanders are playing key roles in the delegation. Government involvement adds credibility to visiting missions and the “New Zealand Inc” approach is further reflected by the close involvement of the New Zealand High Commission in Delhi and NZTE in Mumbai.

Leaders of the Employers and Manufacturers’ Federation (Northern), Export New Zealand, and the New Zealand International Business Forum will also accompany Simon Bridges and Michael Fox.

ENDS