The delegation, led by New Zealand’s Minister of Trade Tim Groser, is composed of over 90 business leaders representing 60 major companies. They are looking to capitalize on the solid growth and economic modernization taking place throughout the region.
According to New Zealand Trade and Enterprise, the government’s economic development agency, the Gulf Cooperation Council (GCC) region as a whole is an increasingly important contributor to New Zealand’s economic prosperity.
Trade between New Zealand and the GCC totaled over $2.1 billion last year — a 40 percent increase since 2000 — making the GCC New Zealand’s sixth largest bilateral trading partner.
Saudi Arabia is currently New Zealand’s largest export market within the Middle East. Bilateral trade between the two nations amounted to over $530 million in 2009, representing a quarter of total trade between New Zealand and the GCC region.
“The importance of this region for New Zealand cannot be underestimated and our visit to Saudi Arabia demonstrates our depth of commitment to this market. The growing relationship between our nations presents valuable commercial opportunities for both New Zealand and Saudi companies, with the potential to develop a stronger and more diversified presence in both markets,” said Groser. “This is a unique chance for New Zealand business leaders to demonstrate to local partners here the breadth of expertise that we can offer and to expand the existing economic relationships within Saudi Arabia.”
Another significant development in the relationship between the two countries is the establishment of a new Saudi Consulate in Auckland, New Zealand’s largest city, reflecting the growing number of students in the country, which currently stands at around 5,500 annually.
Government-led initiatives such as the GCC business mission aim to broaden the trade relationship with Saudi Arabia by developing such sectors as education and services, construction, ICT, food and drink, as well as investigating new opportunities for trade and investment.
Groser and the business delegation will visit Riyadh and Dammam before visiting Bahrain, Kuwait, Abu Dhabi and Dubai.
