Australia India Business

A Relationship of Enduring Depth

I commend the Australia India Business Council (AIBC) on the publication of the 2009 edition of Australia India Business.

Australia and India are natural partners. The full scope of the partnership is continuing to develop and my government is committed to taking Australia’s relationship with India to a higher level.

In 2007 India was Australia’s sixthlargest merchandise export market and tenth-largest merchandise trading partner. India is also Australia’s fastest growing major export market. Many of the goods that Australia exports to India, particularly energy and resources, are helping to sustain India’s growth. Investment between Australia and India is also increasing, particularly in the resources and information technology sectors.

It is a similar story in terms of services. Australia is now the second most popular destination for Indian overseas students, helping to educate India’s next generation. Indian students are also the second-largest group of foreign students within Australian universities. Tourism between Australia and India is also increasing quickly, with India our second-fastest growing tourism market.

In an encouraging initiative that may significantly enhance our trade and economic partnership, we have agreed to carry out a joint study into the feasibility of a bilateral free trade agreement, which is expected to conclude by the end of 2008.

Grasping opportunities

No economic relationship can grow without strong and dynamic business links. Governments should play a role in establishing the right framework for an economic relationship to work, but it is of course up to companies and entrepreneurs to use that framework to convert the great potential of the Australia-India economic relationship into reality. I am pleased that many companies from both countries and across an impressive array of sectors are grasping the opportunities before them, forging strong business links.

Business groups also have an important role to play, reinforcing the partnership between companies on the ground, and I am very glad to acknowledge the fine contribution on this score of the AIBC.

Australia’s largest bilateral science fund, the Australia-India Strategic Research Fund, is underpinning strengthening links between the Australian and Indian scientific communities. The cutting-edge research being undertaken is creating both new fields of endeavour and an expanding range of high-tech jobs.

Linking people

Just as the numbers of students and tourists travelling between Australia and India are helping to increase links between the people of Australia and India, so too are the increasing number of people from India who are choosing to settle in Australia.

The Indian community is growing strongly in Australia and is making valuable contributions to many facets of Australian life. Ultimately, it is the strength of the links between the Australian and Indian people that will provide an enduring depth to the relationship. Australia is fortunate that many Indians are seeking to settle here and contribute to Australia’s development.

I am confident that the Australia- India bilateral relationship is well positioned to grow in the coming years. My government is committed to working alongside the Australian business and cultural communities to develop the full potential of this exciting and important partnership. I congratulate the AIBC on this valuable publication.

Website: www.pm.gov.au

Reprinted in full from the print edition of Australia India Business 2009.

Tags: Australia, prime minister