Sarah Kirlew, Australia Consul-General for South India, on Thursday launched “An Update to An India Economic Strategy to 2035”, report which provides five-year action plan for the Australian government to accelerate economic integration between Australia and India.
“There has never been a better time in Australia-India relations. We have a clear action plan to deepen our economic integration through 26 new initiatives supported by substantial funding. We are celebrating the signing of the Australia-India Economic Cooperation and Trade Agreement,” she said in an event at Madras School of Economics.
Ms. Kirlew said 83 memoranda of understanding were signed between Australian institutions and their counterparts in Tamil Nadu and she hoped that new scholarships and other programmes would cement Australia as a partner of choice. Welcoming the return of Indian students to Australia, she pointed out that there was significant scope for collaboration in technology and innovation, the energy sector and infrastructure financing.
“Australia is seized of the potential of the Indian market and our broader bilateral relationship and is prepared to invest ₹1,500 crore to realise those opportunities,” she said.
At a panel discussion, Industries Secretary S. Krishnan said Australian firms could look at investment opportunities in the State and also the Australian government could look at long term investment opportunities in housing and projects identified by the Tamil Nadu Infrastructure Fund Management Corporation.
Petula Thomas, CEO of the Indo-Australia Chamber of Commerce, said the initiatives would boost the bilateral relationship and the Indian and Australian business should look at how they could benefit, including the reduced tariffs and liberalisation of the service sector soon to be implemented.
Australian Treasury Minister-Counsellor Percy Bell spoke.
