What happened

Prime Minister Narendra Modi addressed the India–New Zealand Business Event in Auckland and announced that India and New Zealand are elevating their relationship to a Strategic Partnership. He also said both sides concluded a Free Trade Agreement in nine months and described it as a step that can expand market access, investment, services, technology, and talent mobility.

Key announcements and figures

The address contained several concrete economic and sectoral claims from the Government of India. These are useful because they connect a diplomatic event to trade, industry, digital economy, transport, space, and urban development.

The Prime Minister said bilateral trade could double by 2030 and that New Zealand has committed US$20 billion of investment in India over the next 15 years. He also said India’s Production Linked Incentive scheme supports about US$20 billion across 14 sectors, including food processing and textiles.

Other figures mentioned in the address included India being the world’s fastest-growing major economy, the world’s third-largest domestic aviation market, more than 50% of global real-time digital payments taking place in India, and more than 400 space start-ups in India, with one start-up already becoming a unicorn, according to the Prime Minister's statement.

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