After South Korea and Germany, it is now the turn of New Zealand to look at forging new partnerships with India Inc.
Heads of information and communication technology companies in New Zealand met Indian majors like Reliance, Infosys and L&T Infotech to explore possibilities of joint ventures, particularly in animation, banking solutions, education and tourism.
A business delegation of five ICT companies, including Animation Research Lab, Massive Software, Vcomms, Xsol and Cadmus, has initiated talks with Indian companies to forge partnerships in animation software and banking solutions.
The ICT companies visited the facilities of Reliance in Mumbai and Infosys in Bangalore. They are now looking at replicating the business model in their country.
"We are talking to various infotech companies in India to share our animation and software capabilities as well as replicate the business models of some of these companies. Another working group of various companies is likely to visit India in the next two months," a New Zealand Trade and Enterprise official said at a joint meeting of Federation of Indian Chambers of Commerce and Industry and Confederation of Indian Industry on Wednesday.
Meanwhile, visiting New Zealand Prime Minister Helen Clarke has identified energy sector applications, e-governance, utility sector and finance systems among the areas of cooperation between the two countries.
"We have a very successful tourism sector, high-value manufacturing and marine exports, researched and developed fruits and wines which India can leverage," Clarke said.
New Zealand's foreign direct investment in India stands at just $3.4 billion. The trade balance between the two countries has improved from a negative $32.3 million in 1999-2000 to $6.19 million in 2003-04.
However, Clarke said the growth in exports has been constrained by the continuing high levels of protection in India and the high exchange rate in New Zealand.
India, meanwhile, is now looking at increasing trade relations in apparel, leather, diamonds, wool and forest products. Phiroz Adi Vandrevala, member, CII National Council, identified food processing as one sector with huge potential as only 2 per cent of the agricultural produce in India is processed and only 15 per cent of the dairy industry is in the organised sector.
