Financial Daily from THE HINDU group of publications
Friday, Apr 22, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 22, 2005 |
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Industry & Economy
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Foreign Trade Australia keen on ties with Indian industry Our Bureau
Hyderabad , April 21 BETTING on innovations in the fields of information technology, research and development in biotechnology, Australia has sought to forge alliances with Indian industry for mutual economic development. Addressing members of the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) here on Thursday, Mr Tony Burchill, Australian Trade Commissioner, said India had fast emerged as a key player in Australia's external trade. The volume of bilateral trade was put at A$ 5.9 billion, with Australia garnering the lion's share of A$4.9 billion. The bilateral trade had been maintaining an average growth of 6.5 per cent a year during the last five years, despite the regional and global recession. Mr Ayub Tareen, Head (South India) of the Trade Commission, said it facilitated sourcing products and finding partners in Australia. Australia recorded exports to the tune of A$150 billion. Of this, goods contributed A$120 billion and services the remaining A$30 billion. India was the seventh large export market for Australia. He invited Indian information technology companies to participate in CeBIT Australia 2005. The leading ICT (information technology, communications and technology) expo would be held in Sydney between May 24 and 26. Mr O.P. Goenka, President of FAPCCI, said there was a big opportunity for India in Australia and vice-versa. India could offer its software strengths, while Australia could help in the fields of infrastructure, mining and food processing. "Australia is less costly compared to Europe and the US," he said.
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