A GROUP of Australian business leaders have travelled to India to step up engagement with one of the world’s fastest growing economies.
Organised by the Australian Trade and Investment Commission (Austrade), the Australia India Business Exchange (AIBX) delegation is the first large-scale commercial mission to India since the COVID-19 pandemic began.
Between 26 and 30 September, representatives from more than 100 Australian companies will meet with Indian business and government stakeholders in New Delhi, Mumbai, and Bengaluru to explore commercial opportunities across education, health, food and agriculture, critical minerals, and sustainable infrastructure.
The task is helmed by Austrade chief executive officer Xavier Simonet, who said the mission will support Australian businesses to further engage and grow their exports to India.
“Australia’s reputation for premium goods and services is rapidly growing in India,” Mr Simonet said.
“This mission provides a platform to demonstrate the breadth of Australia’s industry capabilities, and support Australian business to connect with Indian customers and partners.”
In Bengaluru, India’s technology hub, Australian and Indian business representatives plan to explore closer tech collaboration as well as how Australian education providers can help India meet its skills gap.
According to Austrade, India is one of the world’s fastest growing major economies, with GDP forecast to expand by 8.2% in 2022.
The country is currently Australia’s sixth-largest trading partner, with two-way goods and services trade valued at over $34 billion.
Under the Australia India Economic Cooperation and Trade Agreement, signed this year, there are increased incentives for business to partner with India.
Once in force it will see tariffs eliminated on more than 85% of Australian goods exports to India (valued at more than $12.6 billion a year), rising to almost 91% (valued at $13.4 billion) over 10 years.
