PA/13/17 28 August 2017
Australia-India relations at a high point
Australia and India are forging a dynamic economic partnership. Complementarity between our economies, India's size and growth trajectory, and strong diaspora links present incredible opportunities for a closer economic partnership.
Australia’s High Commissioner to India, Ms Harinder Sidhu, said that Australia’s strength in exporting primary products, particularly minerals and energy, as well as providing services such as education, positions it well to supply growing Indian industrial and consumer needs.
India’s ties with Australia have grown significantly over the past decade. India is Australia’s tenth largest trading partner, with two-way trade valued at A$21 billion and two-way investment valued at A$24 billion in 2015-16. India is Australia’s sixth largest export market, comprising nearly A$15 billion in goods and services.
“Even though these are very significant figures, more can be done to increase exports and attract foreign investment in both directions as India takes a more active approach to engaging with the global marketplace,” said Ms Sidhu.
Australia is committed to exploring ways to expand its engagement even further and it is making practical efforts to help Australian businesses develop personal connections with Indian counterparts in business and government.
So, during the week of 28 August to 1 September 2017, Australia’s Minister for Trade, Tourism and Investment, the Hon Steven Ciobo MP, will lead a major delegation of over 170 Australian businesses for the second Australia Business Week in India (ABWI).
The program is designed to grow commercial links and highlight Australian capability in a range of industries including agribusiness and food, higher education and research, smart cities and infrastructure, innovation and resources and mining technology and services.
ABWI 2017 builds on an earlier business mission to India, ABWI 2015, which delivered 20 significant deals worth millions of dollars. Moreover, it comes at a crucial time for Australia’s blossoming commercial relationship with India.
The Australia-India CEO Forum will be held alongside ABWI, on 29 August. A Prime Ministerial initiative, the Forum will bring together business leaders from many key sectors. The Forum will present both governments’ recommendations to enhance economic linkages.
The quest for stronger ties with India is a key focus of the Australian Government.