World Country Guide

Business Profile

Economy
New Zealand is primarily thought of as an agricultural country and, although the sector employs less than 10 per cent of the workforce and contributes just 8 per cent of GDP, it accounts for 40 per cent of the country’s export income, primarily from wool, meat and dairy, and woods products. Barley, wheat, maize and fruit are the main crops. There is also a sizeable fishing industry. Energy-related natural resources, 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.
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 abolition of subsidies, tariff barriers and corporate regulations, and the dismantling of many welfare systems (although spending has risen sharply of late as the government tackles the pensions crisis afflicting the developed world). The reforms have also meant that New Zealand is much more dependent on foreign trade. Recent economic performance has seen annual growth grow slightly to 3.5 per cent in 2004, mainly due to a fall in agricultural exports. Inflation was 1.8 per cent in 2004. Unemployment has hovered around the 5 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 9, 109 Featherson 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, Christchurch and Wellington. 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 331-202, Suite 3, Level 1, 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.