Taranaki Insights 2023 - Leading The Conversation For Economic Growth

At today’s Taranaki Insights 2023 event, hosted by regional development agency Te Puna Umanga/Venture Taranaki, guest speaker Dr Ganesh Nana, Chair of the Productivity Commission Te Kōmihana Whai Hua o Aotearoa, emphasised the need to take a long-term view when preparing for the future economic conditions.

In a room full of Taranaki entrepreneurs, business owners, and regional leaders, Te Puna Umanga presented the latest facts, figures, and analysis on the Taranaki region from the recently published Taranaki Trends summer edition, setting the scene of the current regional economic landscape. Results from the recent 6-monthy Business Survey were also presented.

"It is undeniable that we are living in complex times, coming out the other side of a pandemic, global unrest, political changes, the threat of a global recession, and closer to home, the recent devastating weather events. People are feeling uneasy, so it’s not surprising that results from our recent Business Survey show that 60% of respondents are anticipating a tougher year ahead," said Kelvin Wright, CE of Venture Taranaki.

This sentiment was mirrored by the insights offered by Dr Ganesh Nana during his presentation at the Taranaki Insights 2023 event.

"As reflected in the Taranaki Business Survey results, and in line with those in other regions, there is an understandable level of anxiety and uncertainty over immediate economic conditions."

Dr Nana went further to note that it is long-term planning and investment that will aid enterprises and communities in building resilience to face the upcoming challenges.

"These short-term considerations should not sway our commitment, or efforts, to address the long-standing challenges confronting Aotearoa over the 21st century. These challenges require long-term investment in research and development, mātauranga Māori, physical infrastructure, enhancing skills, entrepreneurial talent, alongside community, transport, and communications networks," Dr Nana said.

"Whether it be lifting productivity, improving economic resilience, or mitigating climate change, there is no solution that does not involve investment of time, effort, and dollars, to nurture, maintain, and improve the wide range of resources we have. These investments are not a ‘nice to have’ to be delayed to calmer times. In times of heightened uncertainty these investments become even more essential to minimise our vulnerabilities," he emphasised.

Dr Nana also provided some insights into the New Zealand Productivity Commission’s current inquiry into ‘A fair chance for all - breaking the cycle of persistent disadvantage’, highlighting the need to overcome the short-term, status quo bias within the public management system.

"Our latest inquiry, looking into the resilience of the New Zealand economy to persistent supply chain disruptions, reinforces the fast-changing nature of the global economic environment. We can improve the wellbeing of current and future generations by devising appropriate responses in the form of long-term investment in productive resources," Dr Nana concluded.

Further insights from Venture Taranaki during the event echoed Dr Nana’s key takeaways with CE Kelvin Wright explaining the regional development agency has recently invested time into re-evaluating their own strategic long-term planning.

"We’ve relooked at our business plan to determine what key areas will make the most impact for the region, and where our focus should be to make the most difference. We’ve asked ourselves how our actions will help to grow jobs, enterprises, key sectors, and attract investment.

Our focus is Energy Transition, Food and Fibre Transition, Visitor Futures and Destination development, and catalysing Hi-Tech Innovation. Alongside regional promotion, storytelling, and our core enterprise support services. Success will be measured by increased GDP, job creation, and investment into the region over the long term.

"As a region, we are built on strengths, we have an abundance of natural resources, energy, food, water, entrepreneurial-minded people, and skills that have served us well for hundreds of years. A key to future success is telling our stories in a consistent and compelling way nationally and to the global market. 2023 is going to be a year of change, but one constant is that Te Puna Umanga Venture Taranaki is committed to Taranaki and catalysing the future prosperity of the region," concludes Wright.

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