Bilateral trade between India and Australia is poised to double to over Australian $ 40 billion in the next three years. This is due to diversification of the resource and energy focussed trade to sectors such as education, tourism and financial services among others, said Australian Trade Commissioner in India, Dr Grayson Perry.
He was speaking to reporters on the launch of new series of seminar “Doing Business and Investing with Australia” showcasing opportunities for Indian businesses Down Under. The seminar series organised the Australian Trade Commission and supported by Gujarat NRE and The University of Wollongong’s Innovation Campus will be held in 10 cities across the country in the next few days.
The current trade between the two nations is estimated at Australian $ 22 billion tilted in favour of Australia with India importing mainly coking coal, gold and pulses among others. Both countries have already initiated free trade talks, the next round of which is anticipated to be held this year, Mr Perry said.
India’s investments in Australia are also the rise, with groups like GVK, Lanco Infratech, Adani Enterprises and Gujarat NRE acquiring mining resources. So far Indian companies have invested over Australian $ 3 billion in Australia. “There is a growing interest from Indian companies to invest in renewable energy, tourism infrastructure, advanced manufacturing and research and development,” Mr Perry said.
The University of Wollongong has set up an innovation campus, positioning it as an entry point for Indian companies expanding into Australia. “With a mix of high quality real estate, proximity to major markets, graduate supply and R&D links, the innovation campus is looking to attract Indian firms,” said Mr Craig Peden, Director, Innovation Campus. Besides, the University of Wollongong is also planning to set up a campus at Ahmedabad, he said.