On the second day of her visit to Christchurch last week, High Commissioner of India to New Zealand Neeta Bhushan attended an event organised by the India New Zealand Business Council (INZBC).
The event on March 16, 2023, titled ‘Opening the Trade Gateway to India’ hosted a panel discussion on how Kiwi businesses can invest, partner and manufacture in India. Along with Bhushan, the panel included Quality NZ Chief Executive Geoff Allot and Damian Lodge, Deputy Vice-Chancellor of Lincoln University. The discussion was moderated by the Chair of INZBC Christchurch chapter, Sandeep Sharma.
The event began with a video presentation by the high commissioner that highlighted India’s progress in various spheres like infrastructure, development, and economy. Bhushan pointed out India is poised to soon become the fourth biggest economy, and predictions by various world institutions suggest it will be ranked third by 2028, and possibly the number two economy in another decade.
Bhushan also shared how despite the challenges faced due to the pandemic, India has continued to be a bright spot and a lighthouse in all situations.
“During the Covid pandemic, India scaled up the manufacturing of vaccines and not only met the demand of its huge population but also exported to more than 100 countries worldwide. Multiple indexes show that India is well on its way to becoming a superpower in manufacturing, infrastructure development, and technology. In terms of infrastructure, India has seen a huge investment flow resulting in a large number of new ports, airports, and highways, increasing the connectivity of various cities,” she said.
In terms of digitisation, India is the fastest-growing digital economy, and an unprecedented transformation is taking place. Bhushan mentioned, “During Covid times when most countries were experiencing difficulties, businesses shifted from other parts of the world to India to ensure a reliable supply chain. This was done because of the ease of doing business in India, and people realised that India is a trustworthy partner.”
Bhushan also encouraged NZ businesses to explore the opportunities that India offers.
“India is a large and growing market with a rapidly increasing consumption rate. The growing middle class in India wants to experience world-class products, and the demand for high-quality and organic products is increasing at a fast pace. New Zealand lamb, Kiwi fruit, and apples are available on e-commerce sites, 5-star hotels, and other hotels in India, and the demand is growing,” she said.
Bhushan also highlighted the goodwill that India has for New Zealand and the contribution of the Indian community in the country to the economy.
Allot shared the experiences of QualityNZ, which has long-standing business interests in India. “I would suggest NZ businesses to be patient, invest time and build relationships if you want to succeed in India,” he said.
Allot also vouched for India’s progress in attracting investments. “Over the years, India has got the policies and systems in place to make it easier for businesses to come and invest here which is very encouraging,” Allot said.
“Quality NZ has been growing the market share slowly over the years in India and we also opened a factory in India because, for us, it’s not just about trade but also about giving back to the community.”
Lodge also shared the increasing number of students from India coming to study at Lincoln. “A big number of Indian students come to Lincoln to pursue food innovation, applied computing and Fintech. It is great to see these students go back to India and contribute real value to India’s growth story through their skills, knowledge and experience.”
A Q&A session followed the discussion where participants got more details about investing in India.
Commenting on the successful event, Sharma said, "The job of INZBC is to support our members by facilitating, lobbying and informing the government on trade-related matters. This event was yet another example of INZBC being true to its values and mission, involving South Island in the India NZ conversation."
"We are delighted to host this joint event with the Indian High Commission which is also our strategic partner."
The event was another in a series of INZBC events providing opportunities for New Zealand businesses to learn about investing in India and be a part of its success story.