Ethnic links bolster NZ economy

Fred Ohlsson, ANZ’s managing director business banking, said the survey reveals that those with ethnic ties to China, India, Japan and Vietnam are far more likely than others to be doing business in those markets. And many are also doing business in other markets.

Ohlsson was speaking at the ANZ-backed Ethnic People in Commerce (EPIC NZ) conference in Auckland recently.

The ANZ says the study shows says immigrants’ overseas ties and export know-how are “source of strength” for the New Zealand economy and that immigrant businesspeople are poised to play leading role in efforts to build an export-led economic recovery.

Ohlsson says the strong links that ethnic businesspeople have with markets overseas sets them apart from many other small and medium-sized New Zealand businesses.

“Business and government have role to play in helping link ethnic firms to New Zealand networks and realise their business potential – while unleashing wider benefits for New Zealand business and the economy.”

Ohlsson revealed the findings on ethnic businesses two weeks ahead of the launch of the rest of the Business Barometer study results.

“We heard from hundreds of ethnic businesspeople as part of this survey which asked them how they were doing, and where they wanted to be. As mostly small and medium-sized businesses, these enterprises are at the heart of economic activity.”

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