Becoming part of India’s growth story: INZBC summit explores options

The India New Zealand Business Council held its annual summit in Auckland on 11 November. Themed “India-NZ Trade Relations: The Road Ahead”, the annual summit took place after a two-year hiatus caused by the pandemic.

The event came close on the heels of the INZBC-led trade delegation that visited India recently. Trade, export and agriculture minister Damien O’Connor was part of the delegation and met with Indian Government ministers and a number of high-level officials. The half-day event comprised an opening session and two panel discussions – one each for the trade and services sectors. 

In his opening remarks, INZBC Chairman Earl Rattray said the delegation was the largest in the council’s 34-year history and that the visit gave a “Prime seat view of a modern India.” He praised India’s resolve to be self-reliant while yet reaching out to the world at many levels. “What’s worked for India will work for NZ.”

Acknowledging India’s rapid rise on the global stage Rattray said, “Our future will depend not on what India can do for NZ but what NZ can do for India.” He urged businesses to work closely with India to build the relationship. “The ebbs and flows of diplomacy are a reality but business is constant,” he added.

Foreign Affairs Minister Nanaia Mahuta said this was a “momentous time in the NZ-India relationship.” Referring to her meetings with Indian External Affairs Minister Dr S. Jaishankar who recently visited NZ, Mahuta said, “Dr Jaishankar said [the relationship was] ready for the next phase.”

She added that strengthening people-to-people connections could lead to more ways to do business between the two countries. She recalled Jaishankar saying “One visit to NZ is enough to underscore the importance of direct flights.” Mahuta said NZ needed to participate in India's growth story through horticulture, dairy and manufacturing as well as cooperation in the renewable energy sector like solar.

Mahuta said Jaishankar had raised the issue of slow processing of visas for Indians among other visa-related issues and that the Immigration of Minister was looking into those concerns.

India’s High Commissioner in NZ, Neeta Bhushan said India was on track to become a developed nation by 2047, the centenary of her independence. India’s impressive growth and rise in global status over the past few years is the reason why “India is on the minds of everyone,” she said.

Saying direct air connectivity between the two nations would be among her top priorities, she also added that two-way tourism collaborations in the telecommunications, education and traditional medicine sector held much promise for growth. She cited the recently signed maritime white shipping agreement to work toward a safe and peaceful Pacific as an instance of stronger ties between the two countries.

BNZ’s David Blakey summed up the session with his reflections.

The first panel discussion on trade and commercial matters titled ‘Why India? The Opportunities Ahead’ was moderated by INZBC Treasurer Jay Changlani. It had Bhav Dhillon, Honorary Consul of India in Auckland; Simon Tucker of Fonterra Co-operative Group; Geoff Allott of Quality NZ Group; Valocity CEO Carmen Vicelich and Michael Fox of Zespri International as panellists.

Bhav Dhillon said the size of the Indian middle class “outshines any other in the world.” India’s middle class is comparable to the populations of the United States of America. India’s sheer scale and ever-growing numbers in every field were a constant theme in the opening session. Dhillon also explained some of the initiatives of the Indian government that are designed to boost not just the country’s but global growth.

The “Atmanirbhar Bharat” initiative was an open invitation to the world to manufacture in India for the world market under the “Make in India” programme. He also spoke about “Invest India” the government’s one-stop agency to invest in the country with a wide range of incentives and concessions.

He stressed that business in India was built on relationships rather than the other way around. “India is an ancient civilisation which puts people at the centre. We enjoy people. Everything is built around people and relationships,” he said.

Allott and Vicelich spoke about their experience doing business in India and how they built such successful businesses in a relatively short time.

Fonterra’s Simon Tucker said India’s consumption of dairy product was “astonishing”. He said the country would likely face a significant dairy deficit by 2050. He said the food service sector was an area of interest for Fonterra. He said there were significant non-tariff barriers in doing business with India in that sector but nonetheless it was an exciting time in the bilateral relationship while being challenging at the same time.

The second and final session was titled ‘Supporting the Trade Dialogue’ and had Simon Bridges, CEO, Auckland Business Chamber; Franky Wang of BNZ; Gerard Rowe of University of Auckland; Vandana Rai of Immigration Advisers NZ; and Duco Consultancy’s Chandan Ohri with INZBC Board Member Bharat Chawla.

The sessions were followed by lively Q&A sessions that the panellists answered. The event offered opportunities for networking over lunch and tea between sessions.