At the larger corporate end, CWEIC’s strategic
partners are also thriving in Commonwealth
markets. World leader in construction and agriculture
equipment manufacturing JCB makes
more than half of its global profits in India,
having manufactured an astonishing 75% of all
Indian construction equipment in 2014. Banknote
manufacturer De La Rue’s major clients include
India, Botswana, Nigeria, Kenya, Sri Lanka and
Malta, with a new Sri Lankan banknote being released
by them just this month. Leading international
bank Standard Chartered continue to earn
around 90% of their profits in markets across
Asia, Africa and the Middle East, many of them
in the Commonwealth. So, there are opportunities
in a range of sectors, across a huge spread
of Commonwealth countries, that New Zealand’s
businesses can capitalise on.
However, what makes New Zealand and its exporters
stand out in the world and the Commonwealth
is not just their excellent products, but the
way they go about doing business. New Zealand,
having topped Transparency International’s list
as the least corrupt country on earth for the
second year running, is a byword for probity and
good business practices. It tops the World Bank’s
Ease of Doing Business rankings overall, and
three of the index’s subcategories. Both in integral
areas of practicality like the availability of
credit, handing out of construction permits and
regulation; and in softer areas such as conforming
to values of transparency and accountability…
New Zealand measures exceptionally well.
New Zealand’s authority in and commitment
to the values of democracy, good governance
and the rule of law does not go unnoticed in
Commonwealth markets, and offers an edge
over competitors who may be viewed as less
trustworthy – a key factor in terms of who governments
and companies choose to invest in and
trade with.
It was clear to me from my short tour of New
Zealand and from my interactions both with
government officials and businesses, that as
a country New Zealand has exactly the right
approach to free and open trade, and exporting.
What it should be looking to do now is diversify
its export destinations and, to a degree, diversify
the products and services being exported
to suit new markets. It is my hope that many of
these will be Commonwealth markets, given the
huge potential of the emerging markets within
the network, and the changing global landscape
which is forcing many of the Commonwealth’s
established economies to adapt.
The changing face of global trade, and the
unions which underpin traditional trading
relationships, should not be a deterrent for New
Zealand’s excellent business community to continue
forming new trading relationships around
the world.
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