A leading commercial bank has reinforced its commitment to support the Government’s initiatives to promote higher levels of bilateral relationship and commercial interests with India.
ANZ Bank signed a Strategic Partnership Agreement with the India New Zealand Business Council (INZBC) at a Diwali luncheon at Pullman Auckland Hotel on November 2, 2011.
ANZ Bank Managing Director (Institutional) David Green and INZBC Chairman Wenceslaus Anthony signed the Agreement on behalf of their respective organisations, in the presence of Immigration Minister Dr Jonathan Coleman, Members of Parliament, Indian High Commissioner Admiral Sureesh Mehta, ANZ Bank and INZBC officials and a cross-section of the Indian business community.
Dr Coleman and Mr Mehta witnessed the Pact on behalf of their respective Governments.
India Segment grows
Mr Green said his Bank was proud of the Agreement.
“This important Strategic Partnership follows our recent agreement with the Office of Ethnic Affairs aimed at helping migrant businesses in New Zealand connect with New Zealand export and investment opportunities,” he said.
As the second largest and fastest growing ethnic group, the Indian community is an integral part of New Zealand.
“The number of households has doubled since 2004, increasing their average income by 46%. The Indian community plays a crucial role in our business sector, with more than 5000 businesses run by Indian New Zealanders,” he said.
According to Mr Green, the contribution of the Indian community to the country’s Gross Domestic Product (GDP) has more than tripled to reach $8.2 billion in 2011 from $2.5 billion in 2002.
“New Zealand’s already strong connections with India are set to expand and deepen through the proposed Free Trade Agreement between the two countries. ANZ economists estimate that the Agreement will initially lift New Zealand’s exports to India to $2.3 billion,” he said.
Facilitating trade
Mr Green said ANZ Bank was helping businesses in both countries to facilitate trade and investment opportunities, noting that such opportunities already existed at a considerable level, with further enhancement expected during the post FTA years.
Dr Coleman hailed the Agreement as a major development, institutionalising the friendly relations enjoyed by New Zealand and India.
Paying tributes to the Indian community, he described Indians as ‘hardworking, enterprising and true partners in New Zealand’s progress and prosperity.’
He said his Government was confident of signing the FTA with India soon.
“India constitutes the eighth largest export market for New Zealand with total value of bilateral trade at $1.2 billion. We want to make it easier for movement of goods and persons between New Zealand and India,” he said.
Mr Mehta was more cautious about committing his country to an FTA time frame, saying that while it would take a few more rounds of negotiations to move towards the deal, there were several issues of concern that had to be addressed.
But he advised New Zealand businesses not to miss the opportunities that India presented in investment and commercial sectors.
“With its business friendly environment, market reforms, huge market and growing middle class with high levels of disposal income, India has become the flavour of the world,” he said.
A landmark
Mr Anthony described the Partnership Agreement as a landmark in the history of the Bank and the Council and that it would highlight the seriousness with which the Governments and peoples of New Zealand and India viewed bilateral, commercial, social and community ties.
“While the relationship between the two countries is historic, the Strategic Partnership will boost commercial ties between the two countries. The Council and ANZ Bank will work together to achieve our objectives and encourage cross-border investment. Trade, Education and Tourism will be among the major beneficiaries of this Pact,” he said.
The Bank’s India Segment head Sunil Kaushal led the initiative in organising the luncheon, which marked Diwali, the Festival of Lights celebrated by Hindus and wider communities throughout the country.
