In the next 20 years, a growing economy, urbanisation and rising incomes are set to transform India into the world’s fifth largest consumer market – making it a, export destination New Zealand businesses can’t ignore, says Subhas DeGamia, chief executive of ANZ India.
Mr DeGamia was in New Zealand recently for the launch of ANZ’s India Viewpoint publication, as well as to talk with customers, government and public sector organisations. “There is every reason to believe that the opportunities in India for New Zealand exporters are huge,” says Mr DeGamia, “but they need to be patient and observe cultural differences.
” With its stable banking sector, vibrant public sector and entrepreneurial business community, India is already New Zealand’s seventh biggest market for exports, rising by more than 160 per cent to NZ$900 million over the past five years.
The Viewpoint India publication, entitled ‘Thinking India? Think Long Term’, was based on insights captured from respondents to the 2012 ANZ Privately-Owned Business Barometer who are already doing business in India or who are planning to.
Insights covers a range of topics from understanding and targeting markets in India, the importance of building face-to-face relationships at both a business level and a social level, making a long-term commitment to the market, and the importance of the family business and… cricket.
Minister of Trade Tim Groser, who spoke at the Auckland event, said “I want to commend ANZ for this initiative and its advice to businesses about how to succeed in India.”
ANZ began banking operations in India in June 2011. It brings together an experienced local team with strong familiarity of Indian markets, together with access to global expertise to help businesses harness the growing trade and investment opportunities across Asia-Pacific.