Economy

Australia turns focus to South, keen on more bilateral trade

Our Correspondent Madurai | Updated on November 15, 2017 Published on February 22, 2012

cii-tn   -  Business Line

The signing of strategic partnership with India in 2009 has enabled Australia to raise its diplomatic strength and engage in the promotion of more bilateral trade and investment in the region and establish contact with cities such as Madurai, said Mr David Holly, Consul General to South India, Australian Consulate General, Chennai, here recently.

Addressing an interactive session on ‘India- Australia Partnership: Trade and Investment' organised by the Confederation of Indian Industry (CII), he said that the increase in diplomatic strength has facilitated devotion of more resources to South India in particular with the establishment of offices in Bangalore and Kochi.

Revenue

Stating that Australia has been the third largest source of revenue for Indian IT companies that has been growing by about 30 per cent, he mentioned that under the Australia-India Strategic Research Fund, a project worth Rs 3.7 crore has been signed with the Madurai Kamaraj University on waste management with particular focus on water treatment.

A project on cyber security is also under way with the Indian Institute of Technology, Madras, he added.

Mr Michael Carter, Consul Commercial and Trade Commissioner, Australia Trade Commission, making a power point presentation on the Australian economy and growing ties with India, said that during the last fiscal the bilateral trade stood at A$ 21 billion and is poised to reach A$ 40 billion in three years. Companies from Tamil Nadu included Polaris Software, Elgi Equipment, Sundaram Business Services, CUMI Australia and Sabero Organics.

Mr R. Dinesh, Vice-Chairman, CII, Tamil Nadu State Council, said that tourism in the region had great potential and Australian tour operators could link up with local tour operators.

Collaboration

Marketing and packaging of food products is another area where collaboration between the two countries could be explored.

That IT companies in the small-scale sector in Madurai had global potential was also pointed out.

Earlier, Mr Shyam Prakash Gupta, Chairman, CII, Madurai Zone, in his address observed that Australia had, in large numbers, students from India. Mr A.Kathir Kamanathan, Member, CII Madurai Zonal Council, proposed the vote of thanks.

Published on February 22, 2012
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