Highlights
- India is predicted to be the third-largest in the world by 2035
- India is Australia’s eighth-largest trading partner and fifth-largest export market
- The two-way goods and services trade between the two countries was valued at $30.3 billion in 2018-19
Minister Birmingham said the aim of the trade mission is open doors for Australian businesses to India’s large and aspirational middle class.
“India’s economy is rapidly transforming, predicted to be the third-largest in the world by 2035, and this presents huge opportunities for Australian businesses across a range of export sectors,” Minister Birmingham told SBS Hindi.
“India’s aspirational middle class – already 12 times the size of Australia’s population – is also growing rapidly, and now is the time to position Australian businesses so they can develop long-term relationships with Indian businesses, supply chains and investment partners.”
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From CSIRO to Swisse, over 100 Australian businesses head to India
SBS Hindi
24/02/202008:37
Minister Birmingham said taking the delegation, which includes companies like Saputo Dairy, Swisse, and Taylors Wines was part of ensuring Australian businesses were placed "front and centre" to take advantage of India's expected economic growth.
“We want to make sure Australian businesses are front and centre as India’s economy grows over the next 20 years,” Minister Birmingham said.
India is predicted to be the third largest in the world by 2035 Source: Supplied
The Minister said Australia’s premium produce, high-quality education and tourism services and innovative infrastructure, energy and agribusiness solutions were well-placed to meet India’s needs into the future.
“This will be an important opportunity for Australian businesses looking to pursue greater export and investment opportunities to better understand how to do business in India and to form relationships with Indian industry and government leaders,” he said.
National Chair of Australia India Business Council, Jim Varghese, who is part of the delegation said the AIBC is keen to establish the Australia India Trade Index.
“The purpose of the trade index is to publish, once a quarter, what is the state of play with investments by states in India in terms of Australian sectors and the same in Australia, what is the Indian trade and investment.. by Australian states and industry groupings,” Mr Varghese told SBS Hindi from India.
“And we believe if we were to establish this Australia India Trade Index, it would add another, a more sophisticated tool to encourage and nurture the trade and investment between Australia and India,” he said.
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