Indian SMEs on NZ Horizons

                                                                                         

New Zealand’s economy has undergone dynamic changes in the last two decades. Once dominated by the agriculture sector, the country’s economy has rapidly transformed into a highly industrialised and free market behemoth. Sectors like tourism, food processing, wood and paper products, textiles, machinery, transportation equipment, banking, insurance and mining have played a key role in increasing real incomes and account for a major share of the country’s gross domestic product (GDP). In 2005, the World Bank ranked New Zealand as the most business-friendly country in the world.

While trade and commercial relations between New Zealand and India have always been cordial, of late, the Indian government has intensified its efforts to capitalise on the untapped business opportunities present in the New Zealand market. India is the 22nd largest trading partner and the second-fastest growing export destination for New Zealand. Increased bilateral exchanges in sectors like tourism, education, information technology (IT), food & beverage, business process outsourcing (BPO), manufacturing and power generation have provided further boost to the strategic partnership that business conglomerates in both the countries are pursuing at present.

India’s export basket for New Zealand comprises commodities like diamonds, bed linen, table linen, medicaments, footwear, cast articles, leather & leather products, cotton yarn, fabrics, gems & jewellery, drugs, pharmaceuticals & fine chemicals, inorganic, organic and agro chemicals,monumental or building stone and gymnastics and sports gear. Alternatively, India’s key imports from New Zealand include coal, wool, coke and briquettes, raw rides and skins, wood & wood products, newsprint, sheep skin leather, aluminium, machinery for sorting fruits & vegetables, waste and scrap of paper and paperboard, machine-tools and fibreboard.

There is tremendous scope for cooperation between Indian and Kiwi companies, particularly the small and medium enterprises (SMEs) in the field of IT, retail, food processing and agro-based business,agriculture technology, information and communication technology (ICT),biotechnology, film-making, forestry and infrastructure development. Indian SMEs can also cash in on the opportunity to foster partnerships with New Zealand firms in the areas of tourism, aviation and education. Both countries are already in talks to collaborate on providing aviation, education services and pilot training programmes.

Indian IT companies engaged in the New Zealand market can cater to the demand of multiplex cinema software, financial planning software and banking software in the country by concentrating on core specialisation. Besides, they can also expand their footprint in the country by transferring knowledge to their counterparts. In the healthcare sector, Indian hospitals have already identified New Zealand as a highly profitable market for promoting medical tourism. Another area where India and New Zealand can cooperate for mutual gain is the development of non-conventional energy.

Presently, New Zealand is seeking greater market access to India’s agricultural space and key service sectors to augment its export volumes. Relaxing trade barriers in these areas is likely to attract considerable investments from New Zealand.

About the author:
David Parks is a well known author and has written articles on B2b Marketplaces ,and B2B Portal, suppliers, Manufactures and many other subjects.

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