New Delhi, Jun 23 (FN Bureau) India and New Zealand need to rejuvenate their economic engagement by finding new avenues for investment and business, such as digital technology and space exploration for civilian use, Minister of State for External Affairs V Muraleedharan said on Wednesday. In an online address to the inaugural session of India-New Zealand Business Summit, Muraleedharan said there is huge unrealised potential for mutually beneficial collaboration and plugged for closer economic ties for post-pandemic economic growth in both countries.
He highlighted new opportunities for businesses. “We need to find new avenues for rejuvenating our economic engagements…Ties in emerging areas such as digital technology and civilian space cooperation can be explored. We are committed to address market access issues,” he said. The minister said India’s growth story provides new opportunities for investment in infrastructure including roads, ports, power sector, renewable energy, and film production, while agriculture, dairy, forestry remain priorities on both sides. Businesses in the two countries, he said, can forge long-term partnerships on supply chains in the Indo-Pacific region. “India and New Zealand have worked closely with other like-minded countries in Indo-Pacific by exchanging information and best practices to keep regional supply chains open during the pandemic. Businesses from both sides can complement this effort by seeking long-term partnerships for more diverse and resilient supply chains,” said the minister.
A good beginning in this regard has been made with some of the leading New Zealand companies establishing business in India, he added. Muraleedharan also emphasized the role of trade, pointing out that India is not just a large market, but a diverse market with an immense talent pool. Stronger economic interactions through technology tie-ups and collaborations would be more relevant in the future, he said. “India’s vibrant start-up ecosystem provides opportunities for collaborations that can help us define and adjust to the ‘new normal’.” The two sides must also have a long-term perspective for strengthening people-to-people ties to ensure mobility of people, especially talented students and skilled workers, as in a globalised world, talents, ideas and resources often move together. The minister also reminded the role of Indian students in New Zealand who can be an asset to the future of this relationship.
The number of students from India to New Zealand, however, has declined over last few years. Giving Indian students the opportunity to work after study, would encourage them to choose New Zealand as a destination for higher studies, he said. Also, current travel restrictions have affected many students, professionals and their family members who are in India. “We look forward to working with New Zealand authorities for facilitating their return.” The COVID-19 pandemic also highlighted the utility of air connectivity, he said, and hoped that direct flight between India and New Zealand will start once the travel restrictions ease.