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India could be Australia’s next big trading partner

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The Indian Telegraphhttps://theindiantelegraph.com.au/
Established in 2007, The Indian Telegraph is a multi award winning digital media company based in Australia.
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India could be Australia’s next big trading partner
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Adani Australia has welcomed India’s trade roadmap, the Australia Economic Strategy Report, outlining Australia’s path to its next economic boom by partnering with the world’s fastest growing large economy.

India is currently Australia’s fifth-largest trading partner. Bilateral trade exceeded $22 billion in 2018 and Australia has the potential to strengthen and diversify its international trade and investment portfolio by lifting India into its top three export markets.

Adani Australia CEO and Country Head, Lucas Dow said India offered tremendous trade and investment opportunities for Australia, which could result in significant uplift to our domestic economy.

“According to the United Nations, India’s population will grow by 287 million people between 2018 and 2050, and by 2025 one-fifth of the world’s working population will be Indian,” Mr Dow said.

“That population growth means substantially more people who want affordable energy, education, technology, health care, employment and other commodities that ultimately provide for a better lifestyle.

“With that national drive and ambition comes opportunities for countries like ours to help India deliver new products, infrastructure, resources, and improved living standards for its people, while also creating a growth catalyst for our own national economy,” he said.

The Australia Economic Strategy Report was written by Ambassador Anil Wadhwa for the Confederation of Indian Industry, in response to Australia’s own trade report – An Indian Economic Strategy to 2035, which was authored by Peter Varghese for the Australian Government in 2018.

The Report said two-way trade between the two countries has grown in value from $9.3 billion in 2007 to $ 30 billion in 2019, well below the true potential of the relationship.

Key recommendations are subsequently made that encourage better awareness of private sector business opportunities on both sides and trade policy reform that drives economic growth across the two international markets.

Adani Australia has welcomed India’s trade roadmap
Adani Australia has welcomed India’s trade roadmap

Mr Dow said Adani’s own operations in Australia are a clear example of the potential that the burgeoning trade and investment relationship holds between the two nations.

“Since commencing operations in Australia in 2010, Adani has already invested billions of dollars in our local mine, rail, port and renewable energy assets, which will result in lasting infrastructure and commercial ventures that benefit regional communities for generations to come,” Mr Dow said.

“Yet the potential stretches so much further than the energy and resources sector. There are major export opportunities available in education; food and agribusiness; mining equipment, technology and services; tourism; infrastructure; health care; defence, and advanced tech.

“We have the skills, capability and resources in Australia to deliver in these areas and seize on opportunities provided by India’s willingness to improve policies and regulation that encourage bilateral trade and investment.

“The timing and conditions are ideal for Australia to capitalise on India’s rapid development trajectory and ensure our own economy gets the welcome boost it needs off the back of the global pandemic impacts. “I encourage government agencies, industry and entrepreneurs to read the Australia Economic Strategy Report and see the potential benefits for both yourselves and our country as a whole,” he said.

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