The Hindu Business Line : Australia's Victoria State opens office in Bangalore

Invest Victoria chose Bangalore because it is similar to Melbourne with similar push to sectors like ICT, aerospace, biotechnology and food processing

Bangalore , Sept. 20

Australia's Victoria State Government has opened its first India business office in Bangalore with the aim of promoting investments into its hub, Melbourne.

The Victorian Government Business Office focuses on promoting two-way investments in areas like infrastructure development, IT, biotechnology, advanced manufacturing, automotive industries, education, R&D, agribusiness, food, transport and logistics, tourism, aviation and aerospace sectors among others, a release said.

Key Location

Mr Wayne Lewis, appointed in 2005 as the first Victorian Government Commissioner for India, said: "Over the last five years, top Indian firms like TCS, Infosys, Satyam, Pentasoft and HCL have set up their operations in Melbourne and have a small but growing market presence. Our goal is to use the new office as a platform to promote Victoria and its capital city Melbourne as a key location for India's overseas investment."

Mr Ben Fosset, CEO of Invest Victoria, the State agency funding the office, said Invest Victoria chose Bangalore because it is similar to Melbourne with similar push to sectors like ICT, aerospace, biotechnology and food processing.

Through a programme called Access India, Victorian companies entering the Indian market can initially get free office space, access to networks and expertise of the business office. This is also the model used by Victoria in the US and China. Indian companies can get similar help at the Melbourne centre. The office in Bangalore will have specialists in ICT, education and international trade who will also advice Indian companies investing in Victoria.

Overseas Investor

"Australia is India's eighth largest overseas investor, with over $1 billion approved for around 140 joint ventures," said Professor David de Kretser, Governor of Victoria, who opened the office on Wednesday. "This investment covers manufacturing, telecommunications, hotels, minerals processing, food processing, oil and gas and the automotive sector. Indian investment in Australia is also worth around $1 billion, making Australia the ninth most important destination for Indian foreign direct investment."

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