There is Much to Do
I
ndia-Australia relations have ex- cooperation in the areas of mining;
panded substantially in recent years, power; petroleum and natural gas;
both in qualitative and quantitative coal; new and renewable energy.
terms. The growing cooperation en- India-Australia trade has grown in
compasses diverse areas including: the past few years at over 30% per
trade and investment; science and annum. Bilateral trade during 2007-08
technology; biotechnology; mining and has reached A$10.9 billion, comprising
resources; defence; education; tourism; A$9.3 billion in Australian exports to India
environment and clean development; and A$1.6 billion in exports from India
counter-terrorism; and the combating to Australia. India is Australia’s sixth-
of crime. People-to-people exchanges, largest export destination and tenth-
academic interaction, tourism and visits largest trading partner. Resources are
of cultural groups have all been showing an important element of our bilateral
robust growth. trade, accounting for over 80% of total
trade.
High-level visits
The steady exchange of high-level Growing investment
visits has greatly contributed to the Investment between the two
strengthening of our cooperation. This countries has been growing. Indian Smt. Sujatha Singh, Indian High
year has seen the visit of seven Ministers investments in the mining sector are Commissioner to Australia, pictured at
from India, over a diverse range of significant. Recent investments include the launch of the inaugural edition of
sectors, from Commerce and Industry the IFFCO tie-up with Legend, involving Australia India Business
to Science and Technology and Earth investment in Legend’s phosphate
Sciences, Steel and Civil Aviation. This projects with buyback arrangements;
is indicative of the deepening engage- the NMDC and Rio Tinto agreement
ment between the two countries. for joint exploration in India, Australia
Australian Trade Minister Simon Crean and other countries; and the Tata “The steady
visited India in January; Indian Minister Power agreement with Geodynamics
of Commerce and Industry Kamal Nath in geothermal exploration. exchange
visited Australia in March, when the Our oil companies are increasingly
Joint Commission and Joint Business engaging in the area of exploration. of high-level
Council met. The two Ministers agreed There is significant cooperation in
to establish a CEOs Forum and com- the area of information technology, visits this year
mitted to completing the feasibility with virtually every major Indian soft-
study on the free trade agreement by ware company having a presence in is indicative of
the year’s end. Australia, including in software develop-
Australian Foreign Minister Stephen ment centres. the deepening
Smith visited India in September 2008, The Australia India Business Council
three months after Indian External (AIBC) plays an active and signifi cant engagement
Affairs Minister Pranab Mukherjee visited role in expanding trade and economic
Australia for the Framework Dialogue. cooperation between our two countries. between the two
They agreed to work towards taking There is much to do and great scope for
relations to the level of a strategic the AIBC to play an even more active countries.”
partnership. role. I wish it success in its endeavours.
Trade in resources Website: www.hcindia-au.org
Martin Ferguson, Australian Minister
for Resources, Energy and Tourism,
visited India in November 2008. The
two countries are in the process of
finalising Action Plans to enhance
AUSTRALIA INDIA BUSINESS 2009
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