On Wurundjeri Country Wednesday morning, leaders from across the world gathered at the World Indigenous Business Forum, hosted by Kinaway, the Victorian Aboriginal Chamber of Commerce, to discuss how Indigenous enterprise can drive the next stage of global economic development.

The session brought together senior representatives from government, Indigenous business, investment, and academia. It was part of the second day of the international forum, which is being held in Melbourne for the first time.

Established by the Indigenous Leadership Development Institute in Canada, the World Indigenous Business Forum provides a platform for collaboration between Indigenous entrepreneurs, policymakers, and investors seeking to connect culture, commerce and sustainability.

Indigenous business scale and strategy

"The future of Indigenous business is not a niche, it's a global economic force that builds tomorrow's legacy," said Brian Bero, Non-Executive Director of Indigenous Business Australia (IBA).

Bero said there are now more than 30,000 Indigenous-owned businesses operating across construction, logistics, professional services and land management. These enterprises generate over $16 billion in revenue, pay $4.2 billion in wages, and provide 116,000 jobs across Australia.

"These aren't just statistics," he said. "They're signals of scale, ambition and transformation."

He noted that with the right policy settings, participation and education, Indigenous Australians could contribute an additional $53 billion to national output over the next two decades. "That is not just growth," Bero said. "It is intergenerational transformation."

Bero outlined IBA's growing focus on capital mobilisation and policy reform. Following legislative changes, IBA can now raise capital from both domestic and international markets, allowing it to structure and de-risk investments that attract partners and deliver greater returns to communities.

He also announced the establishment of an Office of Indigenous Economy, a new centre for economic data and policy analysis. Its key output will be the State of the Indigenous Economy Report, which will measure the sector's contribution to employment, GDP and national growth.

Bero said the aim was to strengthen decision-making and improve how capital flows to Indigenous ventures. "We must send a clear signal to capital markets," he said. "Indigenous business is investable, scalable and profitable."

Bero also spoke about the importance of building international partnerships through trade. He said more First Nations-led trade missions are needed to showcase Indigenous products and services to global markets. Referring to the recently enacted Australia-UAE free trade agreement, he noted the potential for major investment: "The UAE have about $2.3 trillion dollars in their sovereign wealth fund," he said. This, he explained, represents a significant opportunity to "get investment within Indigenous communities here as well."

He added that he sits on the First Nations Trade and Investment Unit under the Department of Foreign Affairs and Trade, which is working to identify pathways for these opportunities.

Lessons from Canada

Drawing international comparison, Kody Penner, Vice President of Corporate Development at Fiora Group and board director of Nation's Royalty, shared how First Nations in Canada are using public markets to attract investment.

"If you're going to a bank for debt, you need audited financial statements, governance systems and anti-bribery policies," he said. "Lenders need to feel comfortable that you can pay them back."

He explained that the same principles apply when pursuing private equity or joint ventures. "You need to know who you're going into business with, and they need to know you have the structures in place to manage risk."

Penner pointed to Nation's Royalty, which he described as the first majority Indigenous-owned public company in Canadian history. The Nisg̱a'a Nation transferred royalty payments from five mining projects within its territory to the company, receiving 77 percent ownership valued at about $100 million. The company then raised an additional $10 million in public markets.

"A public vehicle is a powerful way to gain access to global capital," Penner said. "You can raise money internationally and build projects from the ground up with Indigenous ownership from day one."

He said this model enables First Nations communities to lead projects from inception, rather than joining after others have taken the early risk.

Policy and partnership

Shane Dexter, Branch Manager for Business and Economic Policy at the National Indigenous Australians Agency (NIAA), told the forum that government policy continues to evolve to support Indigenous business growth and self-determination.

"Economic empowerment is central to self-determination," he said. "Indigenous-led businesses are vital to community wellbeing, cultural preservation and national prosperity."

He reported that since 2015, the Indigenous Procurement Policy (IPP) has delivered more than 80,000 contracts worth $12.9 billion. New changes will require participating businesses to be "at least 51 percent First Nations owned and controlled," while also increasing transparency and addressing black-cladding.

Dexter said the government is also introducing a First Nations Economic Partnership, a mechanism for shared decision-making between government and First Nations leaders. "This partnership will sit at the heart of the government's First Nations economic empowerment agenda," he said.

Australia's trade and investment agenda, he added, is starting to reflect the growing international role of Indigenous enterprise. The creation of a First Nations Trade and Investment Advisory Group and the inclusion of a dedicated First Nations chapter in the Australia-United Arab Emirates Comprehensive Economic Partnership Agreement were early signs of this change.

Redefining diplomacy and leadership

Dr Julie Ballangarry, academic and trade policy adviser, encouraged delegates to rethink the way Indigenous peoples participate in diplomacy and trade.

"Indigenous Australians have always been traders," she said. "We had relational diplomacy long before colonisation."

She said Indigenous approaches to economic engagement should prioritise relationships, knowledge exchange and reciprocity. "When you invest in Indigenous businesses, the social benefit is almost four times greater than the initial input," she said.

"It's not just about commodities," she added. "It's about knowledge, reciprocity and systems that recognise the value of Indigenous intellectual property."

Rethinking success

Professor Kerry Arabena brought a social and cultural perspective to the discussion, speaking about the conditions that make entrepreneurship possible.

"It is incredibly hard to be an entrepreneur without a home to operate from," she said. "Adequate housing, digital networks and health infrastructure are essential for business."

She spoke of the different experiences of men and women in business. "Women want different things in business than men," she said. "I wasn't able to start my business until I was 50 because I was a single mum. The time when women can fully express their experience often comes later in life."

Arabena called for stronger support for Indigenous women in business, including targeted set-asides and policies that promote financial independence while maintaining family and cultural responsibilities.

She also asked delegates to reflect on how success should be defined. "When do you have enough? When do you be enough?" she asked. "We need to understand that success is not only about growth, but also about balance, relationships and purpose."

Rebuilding trust

Speakers also discussed how trust remains central to partnerships between Indigenous communities, investors and government.

Bero said that transparency and co-design were key to building lasting trust. When Indigenous people are part of program design and governance, he said, "the outcomes are stronger and the results endure."

Shared message

Across the morning's discussions good governance, clear data and equitable access to capital emerged as essential to unlocking Indigenous economic potential.

Delegates described an Indigenous economy that balances commercial success with community wellbeing, driven by partnerships grounded in respect and accountability.

The Melbourne forum continues Wednesday and Thursday.