New Zealand businesses should gain a better understanding of India and occasions like Diwali must be used to spread goodwill and happiness, a top banker has said.
Graham Turley, Managing Director (Commercial & Agri) of ANZ Bank said that
India has great growth potential and that an increasing number of businesses were establishing their presence in one of the fastest growing markets.
“ANZ has a growing presence on the ground in India. We are therefore excited to be on board to facilitate trade and investment opportunities between New Zealand and India,” he said, speaking at the annual ANZ Diwali luncheon, held at Langham Hotel in Auckland on October 12.
Economic power
On an earlier occasion, Mr Turley and said that the rise of India as an economic power with high economic growth, rising income and the establishment of a strong middle class of more than 500 million people, provided opportunities for New Zealand to benefits of constructive engagement.
“A number of New Zealand businesses have embraced the opportunity. India is now seventh largest export market,” he had said, speaking at the ANZ India New Zealand Business Forum at the Orakei Bay in Auckland on July 27, 2012.
ANZ Bank has prepared a detailed study called ‘ANZ India View Point’ that advises businesses in New Zealand on the strategies to be adopted with statistical details on how to conduct commercial, industrial and investment activities with their counterparts in India.
Strategic study
The Study illustrates the rapid changes taking place in the global economy and trading environment. It echoes advice for a range of big emerging economies with which New Zealand businesses are increasingly engaging, including those in Brazil, China and Indonesia.
ANZ opened its branch in Mumbai, the first in India last year.
Among the other guests present at the Diwali luncheon were Indian High Commissioner Avanindra Kumar Pandey and Member of Parliament Kanwaljit Singh Bakshi.
ANZ Head of India Relations Sunil Kaushal said that Diwali had become a part of the New Zealand social calendar,
“We are proud to sponsor events in our community which are important to our customers and staff, many of who are of Indian descent,” he said.
Trade increase
Commerce Minister Craig Foss paid tributes to New Zealand businesses for their contributions to economic growth through their trade with India.
“We have been witnessing a sharp rise in two-way trade between the two countries in recent year. Our exports to India have risen by 160% since 2008, making it New Zealand’s seventh biggest export market,” he said.
India New Zealand Business Council Chairman Wenceslaus Anthony said that his organisation was in partnership with ANZ to promote Indo-Kiwi trade, government-to-government and people-to-people relations (Read related story in this Special Report).
Rebranding benefits
ANZ Chief Executive David Hisco used the opportunity to explain the recent announcement of merger of ANZ and National Bank under a common identity, namely the ANZ brand.
“The new ANZ will combine the best of both banks: ANZ’s strength and presence across Asia-Pacific and The National Bank’s reputation for great customer service and internet banking. The rebranding is the next logical step in a journey that started nine years ago, when ANZ bought The National Bank from the British bank Lloyds TSB,” he said.
According to Mr Hisco, a single management structure delivered benefits of synergy and simplicity to customers.
“Customers will still be able to see the same people they’ve always dealt with in the same communities we’re in now. For most National Bank customers, it will be business as usual,” he said.
