The two-way trade reached Rs.1.10-lakh crore in 2010-11
With Indian corporate sector having committed heavy investments in Australia in the mining, mineral and other sectors, bilateral trade is likely to touch Rs.2-lakh crore (Australian $40 billion) in the next three years from Rs.1.10-lakh crore (Australian $22 billion).
In an effort to attract Indian investments further, the Australian Trade Commission, on Monday, announced the launch of a blitz to seek Indian investments and collaborations in various sectors, including education, agriculture, energy and minerals in Australia.
This initiative is part of the “Doing business and investing with Australia” events being held in various cities, including Mumbai, Chennai, Bangalore, Kolkata, Ahmedabad, Hyderabad and Pune during next month aimed at strengthening and broadening Australia's commercial engagement with India and enhancing awareness of Australian industry capability among the Indian business community.
Briefing journalists here, Australian Trade and Investment Commissioner Grayson Perry said India was Australia's fourth largest trading partner. The two-way trade reached Rs.1.10-lakh crore in 2010-11 and it's expected to reach Rs.2-lakh crore in the next three years.
“Australia is an important source of India's gold, chickpea, coal, copper ores, lead and wool requirements, as well as a significant source of education and skills based training, and a collaboration partner in research and innovation including in the automotive, manufacturing and agricultural sectors,” he added.
He said Indian investment in Australia had touched around Rs.50,000 crore. Australia's abundance of natural resources, its economic and political stability, and world-class infrastructure have contributed to a number of major Indian investments in coal, gas, minerals, and agricultural production and processing to support India's need for energy and food security, he said.
Indian investments in Australia are concentrated around the mining and resources, information technology, infrastructure and the financial services sector. However, over the past three years there has also been a growing interest from Indian investors to invest in renewable energy, tourism infrastructure and advanced manufacturing, as well as to carry out cutting edge research and development in Australia.