Australia has sought investments from India’s private sector to upgrade its infrastructure.
Barry O’ Farrell, Premier, New South Wales, Australia, during his visit to Mumbai welcomed Indian business community to invest in his state and country.
“We seek to gradually open up our economy to greater private sector participation. Australia plans to invest $60 billion in infrastructure in the next four years. The Government of Australia seeks private sector participation in raising these funds. We persuade Indian companies to invest in our Public-Private-Partnership model,” he told a gathering of Indian and Australian business people.
“Australia looks forward to deepening its historic ties with India. We have signed six agreements of co-operation in the areas of agriculture, water management, waste management, health, culture and promotion of young ladies exchange programme with the Government of Maharashtra to further economic cooperation between the two nations,” he added.
Considering the trade imbalance between India and Australia, Indian business leaders have urged Australia to import more from India.
“The bilateral trade between India and Australia stands at US$ 15.4 billion with India’s exports to Australia worth US$ 2.3 billion and India’s imports from Australia worth US$ 13.1 billion. The Indo-Australian bilateral trade is largely imbalanced in favour of Australia which needs to be corrected,” said Vijay Kalantri, President, All India Association of Industries and Vice-Chairman, MVIRDC World Trade Centre Mumbai.
India imports gold, chickpeas, coal and copper ores, lead and wool from Australia and exports pearls and gems, jewellery, medicaments and passenger motor vehicles from here.
