'Seismic shift': Māori set to invest in First Nations projects under new deal
One of the biggest and wealthiest Māori tribal authorities has signed a deal to invest in large-scale First Nations projects in renewable energy, mining, agriculture and more. Indigenous business groups say it's a watershed moment towards greater economic self-determination.
A new partnership is set to enable New Zealand's wealthiest Māori iwi, Waikato-Tainui, to invest in large-scale Indigenous-led projects in Australia. The agreement involves Indigenous Business Australia (IBA) and Waikato-Tainui iwi, and it will be signed again in New Zealand at the Māori Queen's coronation next month. The investment partnership aims to bring much-needed capital to large-scale projects in renewable energy, mining, infrastructure, agriculture, and more.
IBA chair Darren Godwell expressed that this is a "seismic shift" for self-determination in Australia, as IBA will provide market intelligence and relationships to help Indigenous businesses participate in major projects. Waikato-Tainui Chairman Tuku Morgan emphasized that the deal represents a watershed moment, aiming to build new relationships based on shared values, cultural values, and environmental values.
The iwi, which holds assets worth around $AU2 billion, is looking to generate long-term commercial returns while also mitigating risks from the New Zealand economy. Early beneficiaries might include Indigenous stakes in ports, renewable energy projects, mining, agriculture, and botanical industries. CEO of the Yindjibarndi Group Michael Woodley highlighted the significance of the partnership, stating that it empowers First Nations people across borders and could lead to a global movement of First Nations economic development and investment.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
