The Hindu Business Line : Indian cos urged to invest in South Australia

Chennai, March 17 The economy of South Australia is in a major transformation, and its premier Mr Mike Rann urged Indian companies to invest more in the region.

“Like India, South Australia’s economy is gaining pace with more than $45-billion worth projects underway or in the pipeline, with mining and defence leading the way. I am sure that many Indians will decide to live, work and study in South Australia and share our growing prosperity,” he said.

South Australia is on the cusp of a mining boom, with the world’s first trillion-dollar mine about to be established in the State’s far north. The Olympic Dam mine will be the world’s biggest uranium mine and the fourth biggest copper mine, he said at a meeting organised by the Southern India Chamber of Commerce and Industry.

He said Reliance Industries has partnered with a local company for oil and gas. It has also signed a uranium exploration farm-in and heads of joint venture agreement with Uranium Exploration Australia Ltd. There is a greater opportunity for such partnerships for Indian companies, he said.

Trade mission

Mr Rann is leading a 10-day trade mission to India promoting investment, education and migration. The delegation of more than 25 business, education and Government representatives visited New Delhi, Bangalore and Hyderabad, and will also be in Mumbai. The delegation is looking at enhancing trade and exploring potential partnerships in mining, information technology, renewable energy and films.

According to Mr Rann, South Australia is the defence capital of Australia, and that pre-eminence has seen the State secure more than $12 billion in defence contracts in the past two-and-half years.

Tourism promotion

As part of a major tourism promotion, Mr Rann will be launching the trailer for Love Story 2050, the first Bollywood production to be filmed in Adelaide. Former Miss World Priyanka Chopra is starring in the movie. India is now the fastest growing travel market in the world, with the number of tourists visiting South Australia increasing by more than 10 per cent each year, he said.

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