A delegation of Australian indigenous business leaders are visiting New Zealand to meet Government ministers and learn about the expanding Māori economy.
The purpose of the visit, beginning Sunday, is to learn from the Māori economy and to build linkages between Australia and New Zealand.
While in New Zealand, the delegation will meet with Māori ministers and MPs, local and central government, and iwi and Māori businesses in Wellington, Rotorua, Hamilton and Auckland.
"First Australians and Māori communities have a lot in common," says acting Australian High Commissioner, Andrew Cumpston.
"This visit will help to build closer ties through the sharing of experiences, knowledge and successes to further trade and economic opportunities for both sides."
The delegation will also take part in a working group under the auspices of the Australia New Zealand Leadership Forum.
There are about 16,000 indigenous-owned businesses in Australia and they're growing at over 12 percent per year, Mr Cumpston says.
"While that doesn't match the substantial Māori economy, it's a firm basis for opening up export and collaboration opportunities on both sides of the Tasman," he said.
The Māori economy in New Zealand is estimated to have $NZ50 billion in assets, which is about 6 percent of the country's asset base.
A Māori investor guide released in 2017 said enterprises owned by Māori are a rapidly growing segment of the New Zealand economy.
The New Zealand economy has been expanding at 2 to 3 percent per annum while the Māori economy has notched up 5 percent annual growth.
It is expected that Māori will invest NZ$1.5 billion to NZ$2 billion per year over the next 10 years.