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Business Profile
Economy: Although New Zealand is primarily thought of as an agricultural country, this sector employs less than ten per cent of the workforce and contributes just eight per cent of GDP. Nonetheless, it remains an important source of export earnings, particularly from wool, meat and dairy products. Barley, wheat, maize and fruit are the main crops. The fishing industry has been growing rapidly. There are significant natural resources of which the energy-related ones, principally coal but also natural gas, have been heavily developed. There are also deposits of iron, gold and silica. From the late 1970s, a new generation of industrial enterprises centred on these natural resources was established to replace the declining traditional industries (textiles, agricultural machinery and fertilisers).
Between the mid-1980s and mid-1990s, New Zealand underwent one of the most radical economic transformations of any Western industrialised country, with wholesale privatisation, the dismantling of many welfare systems and the abolition of subsidies, tariff barriers and corporate regulations. The reforms have also meant that New Zealand is much more dependent on foreign trade. Recent economic performance has been steady with annual growth of between three and four per cent (3.3 per cent as of August 2002) although this is expected to decline in 2003 due to a fall in agricultural exports. Unemployment has hovered around the six per cent mark for several years, although much of it is concentrated in particular areas where it remains a major problem.
Australia is New Zealand’s largest trading partner, and the two governments have recently established a completely free trading regime between them. Japan, the USA and the UK are the other major trading partners. New Zealand is a member of the Organisation for Economic Co-operation and Development (OECD, the international forum for the world’s main industrialised economies), the South Pacific Forum (which aims to promote economic co-operation in the region) and the recently established Asian-Pacific Economic Co-operation (APEC) forum.
Business: Businesswear is generally conservative and both sexes tend toward tailored suits. Appointments are necessary and punctuality is appreciated. Calling cards are usually exchanged. The business approach is fairly conservative and visitors should avoid the period from Christmas to the end of January. The best months for business visits are February to April and October to November. Office hours: Mon-Fri 0900-1700.
Commercial Information: The following organisation can offer advice: Wellington Chamber of Commerce and Industry, PO Box 1590, Level Nine, 109 Featherston Street, Wellington (tel: (4) 914 6500; fax: (4) 914 6524; e-mail: info@wgtn-chamber.co.nz; website: www.wgtn-chamber.co.nz).
Conferences/Conventions: The largest centres are in Auckland, Wellington and Christchurch. Many hotels also have facilities. There are over 20 regional convention bureaux in New Zealand, most of which are members of NZ Convention Association (Inc), PO Box 33-1202, Suite Three, Level One, 15 Huron Street, Takapuna, Auckland (tel: (9) 486 4128; fax: (9) 486 4126; e-mail: admin@nzconventions.co.nz; website: www.conventionsnz.com). The organisation is also known as Conventions New Zealand.
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