Our Bureau

Mumbai, Jan. 24

Aimed at strengthening economic and trade relations between India and Australia, the Union Minister of Commerce and Industry, Mr Anand Sharma, invited Australia to invest in India's infrastructure sector. “An FTA with Australia has the potential to enhance trade in goods, services and investment between the two countries,” he said at the sidelines of the Partnership Summit 2011 organised by the CII.

In a bilateral meeting with Dr Craig Emerson, Trade Minister of Australia, he also informed that India-Australia Joint Ministerial Group Meeting and the CEOs Forum Meeting will be held soon.

The total Foreign Direct Investment (FDI) from Australia into India during the period April 2000 - November 2010 was $0.43 billion, around Rs 1,960 crore.

Mr Sharma also highlighted the role of the developing nations in the changed scenario and said that today more than half of the world's economic growth is coming from the developing countries and that the emerging seven will overtake the G7.

With regards to the CTA, he said a decision regarding that will be taken after his return from the World Economic Forum to be held in Davos.

At the same event, Mr Ahmed Reda Chami, Minister of Commerce, Industry, Foreign Investment and New Technologies, Kingdom of Morocco, said that they were looking at investments in the energy, agriculture and tourism sectors. Morocco plans to generate 42 per cent of its energy from solar and wind energy, he added.

(This article was published in the Business Line print edition dated January 25, 2011)
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