Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


New Government in India brings hope for better trade ties

New Government in India brings hope for better trade ties with New Zealand


The new Modi government in India appears to support improvements to bi-lateral trade, judging from the positivity shared by Associate Minister for Tourism, Hon. Todd McClay, Grahame Morton (NZ High Commissioner to India) and Richard White, NZTE Trade Commissioner for India. All three spoke at 2 separate events held by INZBC last week.

All three speakers had shared their optimism, that the new government would bring the necessary impetus to the economy and boost International trade.

Tourism Seminar by INZBC
Speaking at the Business Beyond Barriers seminar, organised by India New Zealand Business Council on 19th May, Todd McClay emphasised that "with New Zealand hosting about 32,064 visitors from India annually, tourism with India features as a top priority for the government" [figures for the year ending March 2014, up almost 7 per cent on the previous year]. "This is recognised in the additional funding that the Government provided to Tourism New Zealand in the 2013 Budget to establish or strengthen its presence in emerging markets", said Mr McClay.

The Indian visitor spends on average NZ$3680 per person (excluding airfares) whilst in New Zealand.

"Emerging markets, such as India, offer substantial growth opportunities given their increasing wealth and closer proximity to New Zealand compared with many of our traditional source markets." Mr McClay also confirmed that the upcoming 2015 Cricket World Cup will be a priority to boost tourism.

The Prime Ministers of Australia and New Zealand have agreed that people travelling to both countries for the event will only need to apply for one visa. This visa will streamline procedures for genuine Cricket World Cup spectators and participants.

NZTE trade commissioner for India, Richard White also advised NZ companies to make best use of the 2015 Cricket World Cup to increase their influence in India.

He said, "We've got firms doing really good things in food and beverage including important horticultural products like kiwifruit and apples, and in the past year, thanks to great work by MFAT and the Primary Industries Ministry, access for lamb and avocadoes has also improved."

"These products and others like wine, chocolate, ice cream and cheese are mostly high end, premium products for which there is increasing demand thanks to the rapidly growing number of wealthy and well-travelled Indian consumers."

According to Richard, other firms that are active and enjoying success in business with India are: agritech, ICT, medical devices, aviation and advanced manufacturing, as well as the important primary sector commodities such as coal, timber and wool, which are still the major contributors to our export figures.

Sunil Kaushal, Chair INZBC believes India represents a significant future opportunity for the visitor economy, including tourism and education. The middle class in India is growing at 50million per annum and represents a significant opportunity.

INZBC supports the current proposed Singapore Airlines / Air NZ alliance agreement and calls upon both the governments to expedite this for the economic benefit of both countries", said Sunil.

The recent Trip Advisor survey in India indicated that NZ was the top destination for Indian surpassing countries like France and Switzerland – the ideal holiday destination for many Indians over recent years.
Sunil said that INZBC also lobbied with Immigration NZ to allow one visa for the Indian tourist during the 2015 world cup and this will certainly help boost our tourist numbers.

Grahame Morton speaks to INZBC members

The new NZ High Commissioner to India also met India-NZ industry members and the members of INZBC at a breakfast event, on 23 May.

Grahame was of the opinion that the new government will be helpful in driving growth and expand bi-lateral ties.

-ENDS-

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news