India seeks New Zealand’s technology, investment

June 28th, 2011 - 10:27 pm ICT by IANS  

John Key New Delhi, June 28 (IANS) India Tuesday urged New Zealand to transfer its state-of-the-art technology and increase investment in the country’s agro-food processing industry, which offers investment opportunity of over $200 billion.

“The two economies are essentially complementary and there is considerable potential to increase bilateral trade and economic relations. It’s time to give depth and width to our partnership,” Commerce and Industry Minister Anand Sharma said while addressing a luncheon meeting with visiting New Zealand Prime Minister John Key here.

Sharma said India was keen to benefit from New Zealand’s advanced technology in dairy, renewable energy and agro-food industry.

“India is looking forward to partner with New Zealand in infrastructure, agro-food processing, renewable energy and IT,” the minister said.

Addressing a meeting organised jointly by leading industry chambers, Prime Minister Key said New Zealand was keen to boost trade and investment with India.

“It is a two-way partnership. Our trade and investment is growing. There are opportunities for both the countries to further increase it,” Key said.

India and New Zealand are negotiating a free trade agreement (FTA) and the two countries are hopeful to conclude the deal by the end of the current fiscal.

Bilateral trade between the two countries rose 7.83 percent to $812.94 million in 2010-11. India’s exports to New Zealand were $191.39 million and New Zealand’s exports to India were $621.55 million. Bilateral trade has more than trebled during the last five year.

Key said the two countries have a lot of untapped potential and the proposed free trade agreement would give a big push to bilateral trade and investment.

Sharma said the proposed FTA would liberalise norms and substantially reduce trade barriers.

“We have identified several areas of possible bilateral cooperation including post harvest technologies, logistic management for agriculture sector, renewable energy sectors including wind and geo-thermal energy, tourism, films, pharmaceuticals, education, IT and financial services,” Sharma said.

Key arrived here Sunday night on a four-day visit. He is accompanied by senior ministers and a business delegation.

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