Tue Oct 15 02:22:05 UTC 2024: ## New Zealand Businesses Look to India for Growth, Amid Government Push for Stronger Trade Ties
**Auckland, New Zealand** – The New Zealand government is actively seeking to strengthen trade ties with India, viewing the South Asian powerhouse as a key partner in securing a stable and prosperous Indo-Pacific region. This ambition is being echoed by New Zealand businesses eager to tap into India’s rapidly growing economy.
Deputy Prime Minister and Foreign Minister Winston Peters, speaking at the launch of the New Zealand Bharat Chamber of Commerce and Industry (NZBCCI), highlighted the importance of India’s economic trajectory, stating it is on track to become the world’s third-largest economy by 2027.
He emphasized the need for “high-level contact” with India and a “diversification” of trade relations, urging both countries to scrutinize trade opportunities across various sectors and regions.
The NZBCCI, chaired by former New Zealand First MP Mahesh Bindra, aims to bridge the gap between businesses in both countries, starting with the signing of a Memorandum of Understanding (MoU) with the Gujarat Chamber of Commerce and Industry. Bindra urged a shift in focus from major Indian cities like Delhi and Mumbai, towards direct engagement with individual states and districts.
Indian High Commissioner Neeta Bhushan echoed this sentiment, encouraging New Zealand businesses to invest in India and build connections beyond metropolitan areas. She highlighted the burgeoning economic growth of second- and third-tier cities, emphasizing their potential as key drivers of the Indian economy.
Further underscoring the growing interest in India-New Zealand trade, a second organization, the Ethnic Arts and Trade Foundation New Zealand, was launched by a Kiwi Indian trio. Their focus is on fostering cultural connections and creating opportunities for small and medium-sized enterprises (SMEs) on both sides.
These new initiatives join the existing India New Zealand Business Council (INZBC), which recently took a business delegation to India for the World Food India expo, and the India New Zealand Trade Alliance (INZTA).
Despite ongoing efforts, a free trade agreement between the two countries faces challenges, as highlighted in a Cabinet paper released by the Ministry of Foreign Affairs and Trade. However, the paper recognizes the significant growth potential that India offers for New Zealand businesses.
The launch of these new trade bodies and the government’s proactive approach demonstrate a shared commitment to bolstering economic cooperation between New Zealand and India. This strategic alignment aims to leverage the burgeoning Indian economy and create mutually beneficial opportunities for businesses in both countries.
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