'Australia ready to bring investments worth US$ 10 billion to India'
Australian companies are expected to invest up to $10 billion in India as part of the economic collaboration between the two countries in various sectors. “Investments worth $10 billion is in the pipeline in varied sectors, including resources and manufacturing,” Patrick Suckling, Australian High Commissioner to India, was quoted as saying in a report. Speaking at an interactive session with MCC Chamber of Commerce and Industry in Kolkata, Suckling said that his country was willing to join hands with India, especially in energy, food, education and infrastructure sectors. “Australia has very rich resources of mineral. For procuring Uranium, there are a lot of geo-political issues involved. India is in dire need of Uranium and Australia can be a long-term partner in this,” said RK Joshi, international trade expert and faculty member at Indian Institute of Foreign Trade (IIFT), New Delhi. The Australian High Commissioner said that his country was also looking forward to help India in its food security programme. According to experts, India and Australia have abundance of opportunities in processed food sector. “While India has skilled manpower, Australia has technology. The collaboration between the two countries can help India in upgrading technology, especially in processed food and dairy industries,” Joshi told The Dollar Business. The two countries will also explore ways to enhance business ties in the education sector, Suckling said, adding that a number of Australian educational institutes are planning tie-ups in India and support India's skill development activities. According to the Australian government records, India is the country’s fourth biggest export market. Australia’s services exports to India have also been increasing rapidly with the growing education industry. Besides, increasing number of Indian tourists in Australia during the past few years has also added to Australian services exports. Australia is in need of students, while India is the second largest contributor to Australian education business after China. “Australia also has an edge because it is offering cost-effective higher education to Indian students as compared to the institutes in the US. The bilateral collaboration also has a lot of opportunities in research and technology sector,” Joshi added.
June 06, 2015 | 8:32 pm IST.
to success.