Long Term And Collaborative Approach Will Succeed In Indian Market
New Zealand India Trade Alliance (NZITA) recently held an event under “A Passage to India” series on 06 May 2021. The event was held in Auckland on Thursday, 06 May 2021 at EY Building and the Key note Speaker was Sir William Gallagher, President and Executive Director of Gallagher Group.
A highly honoured and awarded businessman in New Zealand and abroad, pre-covid, Sir William would spend 150 days in a year travelling across the globe and cementing relations with suppliers, buyers and staff. Sir William enthralled a sizable audience with his witty anecdotes from across the world. He gave us a snippet of the huge number of projects his company has done in India. Gallagher group has about 26 companies around the world, where it works with local partners, who are shareholders in the ventures.
In order to be successful in the Indian Market, Sir William Gallagher stressed on:
- Long term relationships
- Collaborative approach with local partners
- Be prepared for the long haul as Indian market can be difficult at times
- Transparency and shared goals
Giri Gupta, Chairman welcomed the speakers and the audience and thanked EY for hosting the event.
Surinder Ogra, General Secretary gave an update on Trade and highlighted:
- No specific trends are available as to any shift in supply chains away from one country. It may just be too early to identify a trend but corporates and even some governments are actively encouraging alternate supply chains. India features prominently as an alternate manufacturing or supply base.
- In 2020, Exports have held up at $57 billion while Imports have reduced by $7 Billion, thereby helping NZ move from a trade deficit of $4 billion to a Trade Surplus of $3 billion. Imports took a big dive due to Petroleum products and Vehicles not imported at the same level.
- Trade flow with India at $1.2 billion is slightly lees than 2019, when it was $1.4 billion.
Surinder Ogra then gave an introduction of Sir William Gallagher and listed all the honours and awards he has received in his journey.
Rt Honorable Dr. Richard Worth, Vice Chairman, in his vote of thanks said that NZITA is committed to delivering unique propositions to its members and the wider public.