Top Indian bank coming to NZ good news

Press Release from Global Village Unlimited

Top Indian bank coming to NZ good news, says India trade specialist

The arrival in New Zealand of India’s third-largest public bank, Bank of Baroda, can only further cement the fast-growing bilateral trade between the two countries, India-New Zealand trade specialist Raga D’silva said today.

“Trade between our two countries is growing fast,” Ms D’silva, director of Global Village Unlimited, said.

“In the last 12 months, India has gone from being New Zealand’s 23rd largest trade partner to 13th largest, with exports to India doubling to $727 million in the year to June.”

The Mumbai-based bank is expected to open a New Zealand branch by the end of this year, after the Reserve Bank approved its application to trade in New Zealand.

“With our two countries already working towards a Free Trade Agreement, and with the kind of bilateral trade growth already occurring, this is exactly the kind of infrastructural tie that can only help boost the India-New Zealand relationship,” she said.

“It’s good news for a trade relationship that is going to be one of New Zealand’s most important in the years to come,” Ms D’silva said.

She said strong evidence of top level Indian commitment to trade with New Zealand included an Indian Government-backed delegation of leather exporters who held a successful buyer-seller meet in Auckland on Monday.

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