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Bilateral trade between India and Australia has doubled over the past five years to $21 billion and investment is growing rapidly, a top official today said.
India was in the front ranks of Australia’s International partnerships, Lachlan Strahan, Acting Australian High commissioner to India, said.
“Bilateral trade between the two countries has doubled over the past five years to touch $21 billion and investment is growing rapidly”, he said.
LNG from Western Australia is expected to arrive from 2014 at the Kochi LNG Terminal, he said.
The complementarities between the two economies form a basis for this strategic partnership and this has in turn driven rapid growth on the trade and investment, Dr Strahan, here in connection with the ‘OZ Fest’, said.
The two-way trade was valued at nearly $20 billion last year, which was double the trade in 2005.
Investment from India to Australia was $11 billion last year, mainly in resources and IT services. Future investment between the two countries is expected to double to $40 billion in five years, he said.
The number of Indian students coming to Australia to pursue higher studies was ‘bouncing back’, he said. There had been a fall in the number earlier due to some problems with regulations, he said.
“The number of students going to Australia from India are bouncing back”, Strahan told reporters here.
The OZ fest, the biggest Australian cultural festival staged in India, is being held in 18 cities in India, including eight in south India. Besides Kochi, the festival will also be held in the state capital.
Australian artists are also participating in the Kochi Muziris Biennale. “The scale and diversity of the binennale make it a truly unique and exciting event,” he said.
Michael Carter, Consul Commercial Trade Commissioner, said Kerala was extremely important to the Australian—India building blocks. The state can play a pivotal role in streaming investment into Australia in tourism infrastructure and economic infrastructure, he said.
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