Australia to invest over $280m to boost economic cooperation with India


Scott Morrison’s government is investing more than $280 million to strengthen cooperation with India, further develop economic relations and support jobs and businesses in both countries, the Australian government said in a press release on Tuesday.

In 2020, India was Australia‘s seventh-largest trading partner, with two-way trade valued at USD 24.3 billion, and the sixth-largest export market for goods and services, valued at USD 16.9 billion. In 2020, India was Australia’s third largest services export market.

The Australian government has said it will provide additional investment in the relationship, including $16.6 million to strengthen ties with India’s key political and financial institutions as part of the economic strategy update. of India until 2035. They will also provide $8.9 million to support business improvement. commitment and an increased presence of Austrade in India.

India and Australia held a virtual leaders’ meeting on Monday, during which Australia committed $17.2 million to expand the Australia-India Strategic Research Fund to continue supporting a class relationship. world and to establish an Australia-India challenge for innovation and technology.

According to the government statement, $35.7 million will be granted for a partnership on green steel, a research partnership on critical minerals and a contribution to the International Energy Agency to support cooperation in research. , the production and commercialization of clean technologies, critical minerals and energy.

$25.2 million will be allocated to expand the Australian Space Agency’s International Space Investment Initiative to deepen space cooperation with India. Up to $28.1 million will be allocated to launch a hub for Australia-India relations to deepen community ties, promote public discussion and policy dialogue, and engage Indian Diaspora.

Australia’s Minister for Trade, Tourism and Investment, Dan Tehan, said the Morrison government was investing to develop economic, trade and investment relations between Australia and India.

“India and Australia share common values, complementary economies and strong people-to-people ties that make us ideal partners,” Tehan said. “Our partnership with India is vital as we both strive to achieve stronger and sustainable economic growth, as well as more secure and diversified trade and investment models and supply chains.”

He also said that the Australian government remained committed to India’s economic strategy and its ambitious goals of making India one of our top three export markets by 2035 and making India the third destination in Asia for outbound Australian investment.

In addition, the Australian Government today released Australia’s Indian Diaspora, a National Assets Report which highlights the contribution of Australian Indian Diaspora communities to Australian society.

“Australia’s Indian community is young and highly educated and well represented in service and STEM sectors with strong export potential,” Tehan said. “Indian diaspora networks can make important contributions to our trade and investment relationship with India, as well as to Australia’s international competitiveness in general.”

The Indian Diaspora is the fastest growing large diaspora community in Australia. The Indian-born population has become the second largest overseas-born Australian migrant group behind the UK-born at 721,050 in 2020.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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