A delegation of Australian Indigenous business leaders are visiting New Zealand to meet government ministers and learn about the expanding Maori economy.
Source: 1 NEWS
The purpose of the visit, beginning today, is to learn from the Maori economy and to build linkages between Australia and New Zealand.
While in New Zealand, the delegation will meet with Maori ministers and MPs, local and central government, and iwi and Maori businesses in Wellington, Rotorua, Hamilton and Auckland.
"First Australians and Maori communities have a lot in common," says acting Australian High Commissioner, Andrew Cumpston.
"This visit will help to build closer ties through the sharing of experiences, knowledge and successes to further trade and economic opportunities for both sides."
The delegation will also take part in a working group under the auspices of the Australia New Zealand Leadership Forum.
There are about 16,000 indigenous-owned businesses in Australia and they're growing at over 12 per cent per year, Mr Cumpston says.
"While that doesn't match the substantial Maori economy, it's a firm basis for opening up export and collaboration opportunities on both sides of the Tasman," he said.
The Maori economy in New Zealand is estimated to have $NZ50 billion in assets, which is about 6 per cent of the country's asset base.
A Maori investor guide released in 2017 said enterprises owned by Maori are a rapidly growing segment of the New Zealand economy.
The New Zealand economy has been expanding at 2 to 3 per cent per annum while the Maori economy has notched up 5 per cent annual growth.
It is expected that Maori will invest $NZ1.5 billion to $NZ2 billion per year over the next 10 years.