The good news is that BERL predicts an extra $12.1 billion per annum and 160,000 new jobs by 2061 if Māori invest successfully in science and innovation.

The bad news is a failure to do so could cost the country billions as well as 35,000 jobs. Throughout history when recession has hit New Zealand towns and cities, Māori have often been the first as well as the hardest hit. For these reasons Māori asset holders need to unlock the Māori economy’s full potential by adding value to exports before they leave our shores. These were BERL Chief Economist Ganesh Nana’s key messages at the Federation of Māori Authorities Science and Innovation Symposium. Held in May, the “Hiko Hiko Te Uira” conference was supported by Te Puni Kōkiri.

The challenge is not just a Māori problem: it’s a nationwide problem. This year New Zealand slumped from 21st to 25th place in the World Economic Forum Global Competitiveness Report.

“Powering the Taniwha economy with science and innovation is crucial to its future sustainability and future generations of Māori people,” says Māori Affairs Minister Hon Dr Pita Sharples.

Earlier this year Hong Kong business leaders spearheaded a trade mission across New Zealand that saw Te Puni Kōkiri host a series of hui for Māori exporters. Dr Sharples told participants that Hong Kong’s investment in research and development has helped Asia become the global economy’s centre of gravity. In 2011 the World Economic Forum ranked Hong Kong the most developed financial market on earth, a transformation that was achieved within a single generation.

“Public and private investment as well as collaboration in innovation and education – particularly science and research – is a lesson our Taniwha Economy can learn from Asia’s Dragon Economies,” said Dr Sharples.

Dr Nana says with the Taniwha economy already export focused, Māori are well placed to lead a step change in thinking where scientists and innovators work alongside entrepreneurs and businesspeople. He urged businesses to identify in-house champions to develop partnerships, collaboration and genuine relationships.