NEW DELHI: The recently introduced Update to Australia’s India Economic Strategy is a five-year plan for Australian government to help achieve its long-term economic ambitions in India. To implement the plan, Australia is investing over $280 million (Rs 1,500 crore) – towards new programs and initiatives across technology, space, critical minerals, strategic research and people-to-people links 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,’’ said Australia’s High Commissioner Barry O’Farrell during the update’s launch.’’This is the largest ever single boost to bilateral ties by an Australian government.’’
India is Australia’s 7th largest trading partner. Trade was valued at Aus $24.3 billion in 2020. Over the five years leading up to the pandemic, bilateral trade and investment between the two nations doubled. Australia hopes to lift India into its top three export markets by 2035 and make India the third largest destination in Asia for outward Australian investment.
‘‘India and Australia share common values, complimentary economies and strong people to people links that makes us ideal trade partners,’’ Australia’s Minister for Trade, Tourism and Investment, Dan Tehan said. The original India Economic Strategy in 2018 stated that no country would offer more growth opportunities to Australian business than India. ‘‘This update responds to those changes – recognising the evolving challenges and opportunities for both countries,’’ Farrell said.