The Hindu Business Line : Australia makes pitch for new business avenues in Bengal

SOUNDING bullish on new growth opportunities in the eastern part of India specifically in engineering and mining & metals, the Australian Government is pursuing a vigorous trade and investment agenda for new business opportunities in West Bengal. The focus is expected to be on joint ventures.

Making a presentation on Australia's economic strengths as a frontrunner in the Asia-Pacific region, and the core issues facing manufacturers, exporters and importers and the people's of both nations, at an interactive session organised by The Bengal Chamber of Commerce & Industry here today, Ms Penelope Wensley, High Commissioner of Australia in India, listed 10 areas of cooperation between the private sectors of both countries, where the existing huge potential still remains untapped.

These are: engineering, IT, bio-technology, financial services, education, food, agri-business, tourism, environment and health services.

Calling for concerted efforts to bring in the Australian SMEs for larger sourcing activities in the eastern part of India, she said substantial investment possibilities existed in this area of activity. She also stressed on the urgent need to spruce up the image of Bengal as an investment destination among Australian entrepreneurs through India roadshows, considering the complementarities between the two nations and increasing Australian interest in doing business in India.

She, however, mentioned that the private sector, as it is everywhere, needs an attractive investment environment and said both the Bengal Government and the Bengal Chamber could play a crucial role here.

Describing Australia as a world leader in mining technology and services, Ms Wensley said the modern Australia of today can offer a lot in the area of contract mining. She expected a large Australian participation, particularly from Queensland, New South Wales and Western Australia, in the mining and machinery exhibition in the city during November.

Recalling the long-standing Australia-India connections, the envoy said it was now time to move on from cricket, charity and culture to more important things in today's complex globalised economic environment. There are many new factors which compel us to pay more attention to one another, she pointed out. Stating that Australia has now emerged as a high growth low inflation (2.5 per cent) economy, counted among the top seven in the world, she said a sustained economic growth of 3.3 per cent has been achieved since 1990.

"We have re-invented ourselves as a major commodity exporter in the world today, and now shifting to emerge as a knowledge-based economy."

Ms Wensley said Australia was now keen to emerge as an important economic partner of India. Seeking more two-way trade between the two countries, now pegged around $ 4.3 billion, she said India's exports to Australia was now growing.

Pointing out that India was Australia's 14th largest export market, she said there was enough untapped potential for India to emerge as the seventh largest export market for Australian products.

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