Australia-India bilateral trade poised to reach Rs 2 lakh crore in three years

Australia-India bilateral trade poised to reach Rs 2 lakh crore in three years

The Economic Times: February 09, 2012

Australia-India bilateral trade is poised to reach Rs 2 lakh crore (A$40 billion) in the next three years. Growth in two-way trade reached Rs 1.1 lakh crore (A$22 billion) in 2010-11. Australia is an important source for India's gold, chickpea, coal, copper ores, lead and wool requirements, as well as education and skills based training. It is also a collaboration partner in research and innovation in the automotive, manufacturing and agricultural sectors.

The country is an international investment destination for Indian businesses. Indian investment in Australia has now reached an estimated Rs 50,000 crore (A$10 billion). Indian investments in Australia are concentrated around mining and resources, information technology, infrastructure and the financial services sector. Over the past 3 years, there has also been a growing interest from Indian investors to invest in renewable energy, tourism infrastructure and advanced manufacturing, and to carry out cutting edge research and development in Australia. The relationship between the two countries has also strengthened with growth of trade and investment in tourism, films, sports, architectural and design services. India is Australia's 4th largest trading partner.

Speaking at a meet in the city recently, Grayson Perry, Australian Trade and Investment Commissioner, said, "Eastern India is a significant business destination for Australian companies. Australia can provide competitive solutions and expertise both in traditional and emerging sectors for Indian businesses. Sectors for potential Australian involvement in Eastern India include mining; education-based learning and skill development. It also covers food and beverage and agri business. Australia can also participate in boosting infrastructure and, more broadly, building and construction, clean energy solutions for energy generation as well as water and waste management. At the same time, the scope of our involvement embraces sports, health and medical products, services and training. The Australian Trade Commission can also assist Indian companies as they look to invest in Australia."

The workshop, 'Doing Business and Investing with Australia', was fielded by the Australian Trade Commission and was supported by Gujarat NRE and the University of Wollongong's innovation campus.