New Zealand to open new trade office in Mumbai

Kolkata, Sept 14: The New Zealand government would open a new trade office in Mumbai later this year.

New Zealand Trade Commissioner in India Paul Vaughan said here today that the country's bilateral trade with India crossed the 600 million dollar mark last year, recording 70 per cent growth over the previous year.

With the present rate of growth in two-way trade between the two Commonwealth member nations, the volume of business was likely to cross the one billion dollar mark by 2008, he stated.

He said in the wake of tremendous demand for coal from his country by the Indian steel majors, a new chapter of growing business interest had recenly been opened up with as many as 19 companies evincing keen interest in setting up their maiden overseas units in India.

Of these, he said, major food processing concern in New Zealand "Fontera" had set up a joint venture unit with Britannia Industries in Bangalore, while an Auckland-based Security Agency "Gallanger' had joined hands with another Indian partner, also in Bangalore.

Highlighting other features of the two-way trade, Mr Vaughan said besides coal, wool and woollen products, timber and machine tools comprised major export items from New Zealand.

He said gems, jewellery and computer sotftware were the major import items from India with tourism in both countries becoming a major area of thrust.

Though at present the bilateral trade tilted slighly in favour of his country with 350 million dollars, there was every possibility of its reversal in the wake of India's growing importance among the world's business community, the New zealand Trade Commissioner said.

UNI