The deal will open up new sources for capital for First Nations-led projects. (Supplied: Joseph Mayers\/ IBA)<\/p>\n
A new partnership will open the door for one of New Zealand's wealthiest M\u0101ori iwi to invest in large-scale First Nations projects in Australia.<\/p>\n
The Waikato-Tainui will look to invest in Indigenous-led projects in renewable energy, mining, infrastructure, agriculture and more.<\/p>\n
The agreement will be signed again in New Zealand at the annual celebration of the\u00a0M\u0101ori Queen's coronation next month.<\/p>\n
Indigenous business groups hope an historic deal with one of the largest and wealthiest tribal authorities in Aotearoa New Zealand will bring much-needed investment in large-scale First Nations projects.<\/p>\n
The investment partnership between federal government agency Indigenous Business Australia (IBA) and the Waikato-Tainui iwi (nation) was signed today in Sydney.<\/p>\n
Under the deal, IBA will help Waikato-Tainui, which holds around $AU2 billion in assets, invest in projects developed with Traditional Owners, including in the resources and agriculture sectors.<\/p>\n
IBA chair Darren Godwell, a proud descendant of the Kokoberren peoples, said the signing of the "letter of intent" between two Indigenous investment institutions was a "seismic shift" for self-determination in Australia.<\/p>\n
"We've got Indigenous institutional capacity that's willing to mobilise investment at scale so that TOs [Traditional Owners] can participate in the biggest projects that are happening on their Country," he said.<\/p>\n
"Once we … extend this invitation out to Indigenous Australia, we think we're going to be swamped with demand and opportunities."<\/p>\n
Darren Godwell and Tuku Morgan signed the agreement Tuesday morning. (Supplied: Joseph Mayers\/IBA)<\/p>\n
Waikato-Tainui Chairman Tuku Morgan was in Sydney for the signing and said it represented a "watershed\u00a0moment".\u00a0<\/p>\n
"This is about trying to build a new era of relationships that promises cohesion, better synergy on the basis of shared values, shared cultural values, shared environmental values, and the ability to do business with each other," he said.<\/p>\n
Mr Godwell said the Waikato-Tainui, already a big investor in New Zealand retail, residential, ports and agriculture projects, is looking to generate long-term commercial returns.<\/p>\n
He said the iwi is also concerned about being too exposed to the New Zealand economy.<\/p>\n