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Business Business Profile The New Zealand economy is predominantly based on exporting wool, dairy products, wood, minerals, seafood and meat. It is also largely dependent with the influx of tourists. However, there is a growing reliance on high tech industries and expertise, fashion, TV and film production, back-drop provision and special effects. Auckland is a city with more of a business and services-oriented economy. The business directory shows familiar corporate names, such as IBM, 3M, Microsoft, Cisco, Merrill Lynch, KPMG, Citibank and Price Waterhouse. The city’s mainstays are business and financial services, manufacturing, transport, communications and the trade and hospitality industries. These last two reflect the importance of tourism to the country as a whole, and to its biggest city. Auckland also contains the country’s biggest port, handling 50% of container traffic. Auckland is a sprawling city with no specific Central Business District. However, businesses are located around Queen Street, from Cook Street as far down as the waterfront. Tourism is New Zealand’s single biggest revenue earner, currently estimated to be worth well in excess of four and a half billion New Zealand Dollars. This figure constantly increases, because of the country’s high profile in the world’s eye, as the home of Middle Earth, or more precisely the land where the Lord of the Rings trilogy was filmed, which greatly benefits Auckland, as does being host to the Americas Cup for 2002 and 2003. The city’s GDP is over 20 million New Zealand Dollars per annum and, thanks to current low interest and exchange rates, it is estimated that this will increase at a steady rate of about 4% per annum for the next three years. This is 1% higher than the growth anticipated for the country as a whole, which reflects the constant population drift towards Auckland. This drift does, however, contribute to the city’s unemployment rate of 6.9%, which is relatively high when compared to the nation-wide percentage of 6.1%. The Auckland region contains roughly 30% of New Zealand’s population and that population, on average, is younger, more highly paid and better educated than the general population. The last major census in 1996 showed, for example, that 19% of Auckland’s residents had a university degree, exactly twice the national average, although this is due in no small part to the number of people who move to Auckland in search of jobs after they have finished tertiary education. Asian visitors traditionally have accounted for almost one-fifth of New Zealand’s tourists, so the 30% drop in visitor numbers at the start of 1999 was attributed to the Asian financial crisis, although Asian visitors are once again on the increase. Economic recovery, following the impact of this crisis, has naturally been welcomed – tourism arrivals at Auckland airport rose by 8.7% over 1999 and retail spending rose by 4.2% for the year ending 30 September 1999. However, this is fairly small beer by comparison with the projections for spending increases as a result of a massive rise in visitor numbers, due to the Lord of the Rings trilogy – the remaining two films are to be released at Christmas of 2002 and 2003 – and the perception of New Zealand as the worlds safest yet most spectacular tourism destination. Business Etiquette Conducting business in Auckland is no different from the procedure in any other major Western city. There are no cultural pitfalls to watch out for and the only noticeable difference lies with the nature of the country’s people. They are notably friendlier, more informal and more relaxed. Although ties and jackets are worn, jackets may soon be discarded and shirtsleeves rolled up. A more informal dress code also exists in restaurants and bars, although the smartest restaurants may still expect a jacket and tie to be worn. Business hours are generally 0900-1700 and punctuality is appreciated but no one will be offended if the visitor is a little late, especially at times when the traffic is busy. As dinner is seen as a time for socialising and not business, meetings mainly take place over lunch. Invitations to dine out or to visit someone’s home are far more readily issued than in many other countries and are issued genuinely, not merely as a gesture. The native host will expect to pay for a meal or a round of drinks but guests can step in and pay their turn without creating arguments or offence. Friendliness not formality is the Auckland watchword. |
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