Two iwi, worth a combined $1.2 billion, have signed a cooperation deal.
Canterbury-based Ngai Tahu and Waikato-based Tainui signed a Memorandum of Understanding at a hui over the weekend signalling the beginning of a closer relationship between them.
Ngai Tahu kaiwhakahaere (chairman) Mark Solomon said the memo recognised
the common interests of the two "in areas of tribal, political, legal and commercial matters".
He said it created enormous potential for a collaborative approach to protect and maximise these interests.
Ngai Tahu's investment arm, Ngai Tahu Holdings Corporation, recorded a $80.3 million net profit in the 2006/07 financial year -- up from last year's $9.3 million result.
Money received by shareholder Ngai Tahu goes towards education, te reo and other whanau services.
Tainui Group Holdings, the commercial arm of Tainui, reported a net annual surplus of $64.3 million in July this year, down from $69 million a year earlier.
Tainui's Tuku Morgan believes the opportunity is an historic moment for Tainui to partner with another iwi already successful with their own business ventures.
"What's good for our two iwi is good for Aotearoa," he said.
A joint committee was formed to scope out potential opportunities.
Both iwi have interests in property development and fisheries.
- NZPA
