Australia seeks to deepen economic and trade linkages with India says Hon’ble Barry O’ Farrell

“Australia looks forward to deepening its historic ties with India. We have signed six agreements of cooperation in the areas of agriculture, water management, waste management, health, culture and promotion of young ladies exchange program with the Government of Maharashtra to further economic cooperation between the two nations”, said Hon’ble Barry O’ Farrell, Premier of New South Wales during an interactive meeting organised by MVIRDC World Trade Centre Mumbai and All India Association of Industries with the Premier and his accompanying business delegation. While India is home to a competitive service industry, Australia possesses manufacturing edge thereby opening prospects for mutually beneficial linkages, he added.

Welcoming Indian business community to Australia Hon’ble Barry O’ Farrell said we seek to gradually open up our economy to greater private sector participation. Promoting the private sector aids in creation of wealth, jobs and improves standards of living. Also, the multilingual and multicultural Australian economy is home of an educated and skilled workforce with low dependency ratio, he added.
Enumerating on the prospects in Australia’s competitive infrastructural sector, the Premier said that Australia plans to invest US$ 60 billion in infrastructure in the next four fiscal years. However, 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 said.

Earlier in his welcome remarks Mr. Vijay Kalantri, President, All India Association of Industries and Vice-Chairman, MVIRDC World Trade Centre Mumbai said 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. India imports gold, chickpeas, coal and copper ores, lead and wool from Australia. India’s major exports to Australia include pearls and gems, jewellery, medicaments and passenger motor vehicles. India’s main service exports to Australia are computer & information services and tourism. Main Australian service exports to India are education, education-related travel and tourism. However, the Indo-Australian bilateral trade is largely imbalanced in favour of Australia which needs to be corrected.

December 7, 2013                        L to R : Mr. Sharad Upasani, Vice Chairman, World Trade Centre Mumbai, Mr. Vijay Kalantri, President, All India Association of Industries, Hon’ble Barry O’ Farrell, Premier of New South Wales, Mr. Chris Eccles, Director General, NSW Department of Premier and Cabinet, Mr. Y. R. Warerkar, Executive Director, World Trade Centre Mumbai at a Luncheon meeting organised by the All India Association of Industries and World Trade Centre Mumbai in honour of the Premier of New South Wales, Australia.