Australia Keen to Invest in India's Infrastructure Growth
Australia keen to invest in India's Infrastructure Growth : Australian businesses are keen to seize opportunities in the Indian Infrastructure and Resources sector, worth over $50 billion.
A sense of urgency is being witnessed as the Austalian companies identify the need to move fast in order to compete with the companies from US, UK and Spain. Opportunities are emerging in the Power sector, both in coal and alternative sources; the Transport sector in roads, ports, airports, railways, EPC contracts, construction, equipment and services.
A number of Australian companies are already doing business in India. These include, the likes of Arrow Energy(India) Pvt Ltd., Australian Road Research Bureau, BHP Billiton India, Daryl Jackson Architecture, Hydro Tasmania, Leighton India, Micromine Pvt Ltd., Tata Bluescope Steel Ltd. and Thiess India Pvt Ltd.
The Australian government has expressed its commitment to raise the Trade and Economic ties with India to a new level as senior Australian officials arrive in New Delhi to discuss the terms for Free Trade Agreement(FTA) and to move forward with the feasiblity study for the same.
The key focus of the study, to be completed by early 2009, will be tariff liberalisation and removal of other impediments to the trade in Goods. The study will consider the means to take the FTA and the economic relationship to a stonger level.
It would be of interest to note here, that Australia has played a significant role in building support for a WTO signalling conference on Services, progressing an area of key interest for both Australia and India in the Doha Round - International Services Trade Reforms.
The total trade between India and Australia has been increasing by over 30% annually. India is Australia's 9th largest trading partner, while Australia is India's 10th largest trading partner. The trade between the two countries totalled over $10.7 billion in the year 2007.
New prospects of cooperation are emerging in sectors like IT, Biotechnology, Health, Films and Insurance. The ties between the two nations are expected to improve rapidly in the days to come.
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Related Tags: trade, india, australia, wto, infrastructure
Dharmendrasinh Rathod, Age:41, India
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