Seeking enhanced economicengagement with India, Australian Prime Minister Julia Gillardon Wednesday said the two countries have set a goal ofdoubling bilateral trade to USD 40 billion by 2015.
Addressing Indian business leaders here at a luncheonmeeting, Gillard said the dramatic changes in Asia arecreating new patterns of Indian growth.
India is changing through important economic reforms inareas like energy, aviation and retail, she said.
"We have already set a goal of USD 40 billion trade in2015 ? in other words, our trade could double by 2015," shesaid. Currently the annual bilateral trade stood at about USD21 billion.
She said Australia has opened the door for uraniumsales to India.
"We both have huge energy needs...India's energy needsare going to increase sharply...there is a good potential forpartnership in energy sector," she said.
Gillard said both the countries have agreed for jointresearch and development in areas like clean energy, waterefficiency and sustainable agriculture.
"In recent years, our economic relationship has grownstronger. Two-way trade has grown at 13 per cent per annum inthe past five years. Indian investment approvals in Australiagrew last year alone to over USD 11 billion. This is a onehundred fold increase from ten years ago," she added.
Speaking on the occasion, Indian Commerce and IndustryMinister Anand Sharma invited investments in infrastructuresector, particularly, in the proposed national investment andmanufacturing zones (NMIZs).
"This process (of setting up NMIZS) is on. Come and joinus at least in setting up of these zones," he said.
Ficci President R V Kanoria said there is a need toincrease air connectivity between the two countries.