Australia to invest Rs 1,500 crore as part of economic strategy to boost ties with India- The New Indian Express & More News Here

Express News Service

NEW DELHI: The not too long ago launched Update to Australia’s India Economic Strategy is a five-year plan for the Australian authorities to assist obtain its long-term economic ambitions in India.

To implement the plan, Australia is investing over $280 million (Rs 1,500 crore) – in the direction of new programmes and initiatives throughout know-how, area, important minerals, strategic analysis and people-to-people hyperlinks to boost cooperation with India.

“It is a clear signal of our strong ongoing commitment to the relationship and draws on consultations with over 600 business and community stakeholders across Australia and India and sets a basis for new investment,” mentioned Australia’s High Commissioner Barry O’Farrell throughout the replace’s launch.

“This is the most important ever single boost to bilateral ties by an Australian authorities,’’ High Commissioner Farrell added.

India is Australia’s seventh largest buying and selling companion. The bilateral commerce was valued at Aus $24.3 billion in 2020. Over the 5 years main up to the pandemic, bilateral commerce and funding between the 2 nations doubled.

Australia hopes to carry India into its prime three export markets by 2035 and make India the third largest vacation spot in Asia for outward Autralian funding.

“India and Australia share common values, complementary economies and strong people to people links that make us ideal trade partners,” Australia’s Minister for Trade, Tourism and Investment Dan Tehan mentioned.

The authentic India Economic Strategy, launched in 2018, acknowledged that no nation would supply extra progress alternatives to Australian enterprise than India. While this hasn’t modified, the pandemic modified the world significantly.

“This Update responds to those changes – recognising the evolving challenges and opportunities for both countries, taking into account the transformed global environment, including the lessons learnt during the pandemic, India’s economic reform agenda and India and Australia’s joint progress under the Comprehensive Strategic Partnership,” High Commissioner Farrell mentioned.

Meanwhile, the brand new initiatives contained inside the Update embody growth of Australia’s diplomatic presence throughout India, institution of a joint Australia-India Centre of Excellence for important and rising know-how coverage, cooperation in area programmes, front-row entry for Indian funding in Australian lithium and cobalt and securing clear vitality provide chains throughout the Indo-Pacific.

As a part of the Update, the Australian authorities will present further funding. This contains $16.6 million to strengthen linkages with India’s key coverage and finance establishments and $8.9 million to help enhanced enterprise engagement and an elevated Australian presence in India.

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