Key Points
- CHEMEXCIL India's council for Basic Chemicals, Cosmetics & Dyes Export promotion led a delegation of Indian companies to explore growth prospects in Australia
- The focus of the chemical buyer-seller meet was to seek opportunities for expanding two-way trade and collaboration with the Australian chemicals market
- Mr S G Mokashi chairman of Chemexcil discussed bilateral Australia-India growth figures and future predictions in the industry
A chemical buyer-seller meeting was held last week at the Intercontinental Hotel in Melbourne to explore possibilities of future growth of exports and increased investment in the chemicals sector.
The meeting was organised by The Basic Chemicals, Cosmetics & Dyes Export Promotion Council popularly known as CHEMEXCIL with the support of the Department of Commerce and Industry, Government of India.
According to CHEMEXCIL chairman Mr S G Mokashi exports in India have seen robust growth in recent months.
"We're getting good responses worldwide for our small-scale and medium-scale industries. 40 per cent to 45 per cent of our export is being shared by this MSME industry, which is an increasing trend in the country" Mr Mokashi said.
From (L-R) Mr S G Mokashi Chairman CHEMEXCIL, Ms Meghan Shaw Deputy State Director DFAT, Mr Sushil Kumar Consul General of India in Melbourne and Ms Sheba Nandkeolyar CEO MultiConnexions Group. Credit: SBS Hindi
"China has been the major exporter of chemicals and specialty chemicals in Australia since the beginning and now we are gaining their market shares. After the ECTA agreement, we really feel that it will boost our exports as there is 0 per cent duty on chemicals". he added when asked about growth prospects in Australia.
Mr Mokashi said bio-based, renewable products and organic chemicals
are getting a worldwide response and Australia has also signed the reduced carbon emission agreement and will be looking for bio-based products and renewable resources.
As India is predominantly an agrarian country these products are easily manufactured in the country by various companies and can be exported.
According to Mr Mokashi, many large Indian companies are exporting Agrochemicals worldwide.
"Australia is also a major agricultural producer and exporter and there are a lot of agricultural universities in the country that are looking for joint ventures so these may be two areas that India is sure to have a better market share".
He also said that India is doing well in cosmetics but has not exported to Australia and that is another potential that needs to be explored.
Mr Bhavya Sanwal, director of BIC Chemicals & Packaging Private Limited, was keen for the event to go beyond simply providing information.
Mr Bhavya Sanwal Director of BIC Chemicals & Packagings Private Limited attended the chemical buyer-seller meet held in Melbourne. Credit: SBS Hindi
"We expect to have a point of communication and channel of communication that starts as sooner or later there is going to be an immense business in this country."
Mr Ashoke Mysore, vice president of Infosys and National Associate Vice Chair of Australia India Business Council (AIBC) who attended, said that a buyer-seller event is an outcome-based event, besides creating awareness and exchanging information.
“There is mutual interest in people finding the right products, right chemicals at the right price and quality and it’s a massive opportunity for the Indian chemical producer, on the back of ECTA that is going to make the trade free of tariffs and Australia should be a destination for them for free trade," said Mr Mysore.
Speaking at length about the Economic Cooperation and Trade Agreement Ms Meghan Shaw Deputy State Director, DFAT Victoria outlined how the Australian Indian relationship is at a high point with much to look forward to and multiple high-level visits planned including the visit of Prime Minister Anthony Albanese this month.
ECTA is a transformational deal that harnesses a complementary nature of our economic relationship creating jobs and opportunities in both countriesMeghan Shaw Deputy State Director, DFAT Victoria
" ECTA has eliminated tariffs on more than 85 per cent of Australian goods exports to India and this will rise to 90 per cent over the next six years benefiting Indian consumers and providing cheaper inputs to Indian industry. 96 per cent of Indian goods exports into Australia are duty-free and this will rise to 100 per cent in the next four years" Ms Shaw explained.
Ms Sheba Nandkeolyar CEO of MultiConnexions, coordinated the event and said the Australian Government has done a lot to drive the bilateral trade relationship. She urged industries, corporates, and private sectors to 'pull up their socks' and make this relationship happen.
Mr Sushil Kumar the Consulate General Of India in Melbourne also spoke about India's 'demographic dividend' and focus on bilateral relations.
Mr S G Mokashi Chairman of CHEMEXCIL with Mr Sushil Kumar Consul General of India In Melbourne at the InterContinental Melbourne (The Rialto) Credit: SBS Hindi
"It is incredibly important for Australia-India relationships to hold a high level of exchange and have a high level of business interaction."
