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


Don’t Overlook Japan’s “Awesome” Buying Power

14 October 2004

Don’t Overlook Japan’s “Awesome” Buying Power – Gibson

The “awesome” buying power of the Japanese consumer “shrieks opportunity” for New Zealand exporters, New Zealand Trade and Enterprise chief executive Tim Gibson said today.

Speaking to the Japan-New Zealand Business Council conference in Queenstown Mr Gibson said that in recent years many in New Zealand had been “bedazzled” by China’s rise from under performer to economic powerhouse.

China is an increasingly important market, however, New Zealanders shouldn’t lose sight of Japan, Mr Gibson said.

“Japan’s so-called troubles over the past decade have been such as most countries would dream of having to endure.

“It’s not just the sheer size of the Japanese economy that shrieks opportunity for New Zealand – although that size is awesome. It is one of the richest and most advanced societies the world has ever seen.”

“We in New Zealand should never forget that Japan remains at the heart of Asia’s prosperity, accounting for more than 60 percent of intra-Asian trade and 70 percent of the region’s GDP,” Mr Gibson said.

He told the conference the Japan-New Zealand trading relationship was characterised by a high degree of complementarity – which he said was not reflected in the present volume of trade.

“Japanese consumers have awesome buying power. They are fastidious. They appreciate, demand and, most importantly, can afford quality.

“New Zealand, most obviously in the area a foodstuffs but increasingly in respect of a raft of other products, is able to supply such products,” Mr Gibson said.

And he said that while “in the meantime” a full free trade agreement between New Zealand and Japan was out of reach, Japan’s world view, as it applied to trading relationships, was undergoing a “dynamic metamorphosis.”

“There is new thinking and there are new possibilities opening up.”

Mr Gibson said New Zealand’s participation in next year’s world exposition at Aichi and the associated leveraging project designed to exploit participation in the event, reflected a “new level of engagement” with Japan.

“Progress in the WTA Doha Round will oblige Japan to open its markets further. Meantime, there are many opportunities available under the existing tariff regime,” Mr Gibson said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>

Environment: Preliminary Environmental Data On New Zealand’s Air Quality Released Today

The Ministry for the Environment and Stats NZ have published the Our air 2021: preliminary data release today. We are currently working to revise the Our air 2021 report to incorporate analysis of the World Health Organization (WHO) 2021 air quality guidelines that were released on 23 September 2021... More>>

Statistics: Food Prices Rise For Sixth Consecutive Month
Food prices rose 0.5 percent in September 2021 compared with August 2021, mainly influenced by higher prices for grocery food and meat, poultry, and fish, Stats NZ said today. September’s movement is the sixth consecutive monthly rise. After adjusting for seasonality, prices rose 0.9 percent... More>>

Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>

Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>

Bayleys: Latest Lockdown Adds Further Fuel To Industrial Property Market

The recent construction shutdown resulting from Auckland’s Covid 19’s lockdown restrictions has put additional pressure on an industrial property market that is already struggling to keep pace with demand... More>>