However, it is important to acknowledge those Māori businesses which took a significant hit as a result of Covid-19. Like all of the tourism sector, Ngāi Tahu tourism operations had its international visitors disappear overnight and many others saw a reduction in the asset value of their businesses.
Despite these unmitigated challenges, the underlying strength of these businesses has shone through highlighting their resilience and the ability to rise to the challenge which confronted them.
In this difficult year, it is particularly encouraging to see two new entries on the 2020 Deloitte Top 10 Māori Index — Lake Taupō Forest Trust, ranked fifth, and Wakatū Incorporation, in at number eight. Placement on the index highlights the maturity these businesses have reached and their visibility within the market.
Wakatū holds a diverse portfolio of assets, valued at over $300 million, with 70 per cent focused in the land and water space.
It also has a food and beverage business as well as a customer-focused health and wellbeing offering, businesses we can only expect to continue to have strong growth.
Lake Taupō Forest Trust demonstrated the most significant growth, with a 21.9 per cent increase in asset value compared with the prior year.
They hold 32,000 hectares of land with 23,000 hectares of that being plantation forest. A significant number of people from the Tūrangi community are employed on their whenua, and with the Crown lease due to end in July 2021, this will result in 100 per cent of the forestry income returning to the trust, creating additional flow-on benefits for the local community.
In a year full of challenge and uncertainty, Māori business have showcased their strength not only from a financial perspective but also in their commitment to communities across Aotearoa.
The Government describes the recovery from Covid-19 as an economic recovery, and Māori business are well-placed to support them in this process, providing not just economic benefits but holistic benefits to the nation as a whole.