Ethnic businesses, with their overseas ties, are expected to play a critical role in economic recovery, according to findings of an extensive survey by a leading New Zealand bank.
Ethnic businesses are doing business with some of New Zealandâ€™s key export markets,Â revealed the findings on ethnic businesses released by ANZ Bank, followingÂ a comprehensive survey of 4,000 businesses across New Zealand.
The findings were shared by Fred Ohlsson, ANZâ€™s Managing Director Business Banking at the Ethnic People in Commerce (EPIC NZ) conference in Auckland today.
â€œThose 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,” says Ohlsson.
â€œOne thing that comes through very clearly is the strong links ethnic businesspeople have with markets overseas.
This sets them apart from many other small and medium-sized businesses, and is a source of strength for the entire economy.
The banker urged business and government to play a stronger role in helping link ethnic firms to New Zealand networks and realise their business potential â€“ while unleashing wider benefits for New Zealand business and the economy.
â€œAs mostly small and medium-sized businesses, these enterprises are at the heart of economic activity â€“ 90 per cent of NZ firms employ fewer than 20 people.
Add to this their international connections and exporting experience and itâ€™s clear these firms have much to offer towards an export-led economic future.â€