Regional and multilateral matters, including India’s Presidency of the G-20, Indo-Pacific, ASEAN, Commonwealth and UN were discussed…reports Asian Lite News
India and New Zealand, sharing cordial bilateral relations, expressed satisfaction at the enhanced engagement between the two countries during their fifth round of Foreign Office Consultations in Wellington on Saturday.
According to the Ministry of External Affairs, during the FOCs, the two countries reviewed their wide-ranging bilateral relations, including political, economic, trade, defence, education, science, and technology, as well as people-people links and cultural cooperation.
Regional and multilateral matters, including India’s Presidency of the G-20, Indo-Pacific, ASEAN, Commonwealth and UN were discussed, the MEA said.
The two sides noted the huge potential in trade and economic sectors and agreed to further promote G2G and B2B interactions. They appreciated the several business events planned both in India and New Zealand, the Ministry added.
At the FOC, while India was led by Secretary East in the MEA, Saurabh Kumar, New Zealand side was represented by Deborah Geels, Deputy Secretary, Americas and Asia Group.
Both sides also appreciated the importance of FOC and agreed to hold them on a regular basis. The next FOC will be held in India on mutually convenient dates.
As per the MEA, during his visit to Wellington, Secretary East Saurabh Kumar also held bilateral meetings with New Zealand’s Chief Executive and Secretary of Foreign Affairs and Trade Chris Seed and Secretary of Defence Andrew Bridgman.
India is New Zealand’s 11th largest two-way trading partner with total two-way trade valued at $1.55 billion during 2121. While India imports logs, forestry products, wood pulp, wool and fruits and nuts from New Zealand, its export basket to the island nation consists of pharmaceuticals, precious metals and gems, textiles and motor vehicles, non-knitted apparel and accessories.
India-New Zealand Business Council (INZBC) and New Zealand- India Trade Alliance (NZITA) are the two prominent organizations working to promote India-New Zealand trade and investment relations.
The ‘India-New Zealand Business Summit’ organized by INZBC in partnership with the Indian High Commission is its annual flagship event drawing participation from the highest level of leadership in government, business and academia from both countries to deliberate on ways and means of strengthening bilateral trade and investment.
All major Indian IT companies are present in New Zealand. Bank of India, Bank of Baroda and New India Assurance have commercial operations in New Zealand. Indian IT giant HCI, which already has a significant presence in New Zealand, opened a delivery centre in Hamilton to service Fonterra, one of the world’s biggest dairy cooperatives. In 2020, it won $ 20 million annual contract from Fonterra.
In October 2020, Tech Mahindra announced the acquisition of Melbourne based consulting company Tnzing Ltd for $ 29.5 million. In October 2016, Zindia Limited (the largest exporter of New Zealand logs to India) signed a MoU with Adani Port and SEZ Limited to promote a Timber Industrial Park at Mundra Port in Gujarat.
