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G Naga Sridhar

Keen on expanding the scope of economic collaboration

Hyderabad May 1 Expanding the scope of economic collaboration with India is one of the priorities for Australia and there is immense scope in sectors such as pharmaceuticals, education, information technology and tourism, according to Mr Tim Holding, Minister for Finance and IT, State Government of Victoria, Australia.

There had been a change of perception on issues such as outsourcing in Australia, which had witnessed an outcry over global outsourcing earlier, Mr Holding told Business Line during his visit here recently.

"We are encouraging our companies to invest in India in view of the strong growth in Gross Domestic Product here. Likewise, the advent of Indian firms on the Australian soil is adding to employment generation," the Minister said.

Over 15 major IT firms are currently present in Australia. "But this is still a small number. Given the over-arching presence of IT here, Australia invites more Indian IT firms to come over there," he said.

Stating that one of the purposes of his visit to India was to convince Australians about the profitability of economic ties with India, Mr Holding said: "I am here to take back the message that mutual investments will create more jobs in Australia."

Areas of interest

Apart from IT services, verticals such as gaming, animation and chip making were of interest to Australia, he added.

The biotech sector too charms Australia.

"In pharma, biotech and life sciences, Indian companies had made their mark in major global markets like the United States. The biotech supply chain is very strong in India. Like Hyderabad, Victoria is turning a hub of biotech R&D. There is lot of opportunity for R&D collaboration," Mr Holding said.

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