Dr. Jagvinder Singh Virk, Chairman of the India Australia Strategic Alliance (IASA), proposes to form a quasi-government task force / think tank between the State of Maharashtra and Australia with the support of All India Association of Industries (AIAI) and MVIRDC WTC Mumbai to promote trade and investment between the two countries. The Australia-based IASA is a premier business network to promote trade between Australia and India. In this regard, the MoU was signed between IASA, AIAI and WTC.
“This MoU will act as the catalyst of accelerating trade between India and Australia by identifying key business sectors and will further encourage Indian MSMEs to explore Australia as the key export destination,” he said in an interactive programme organised by All India Association of Industries (AIAI) and MVIRDC WTC Mumbai. Dr. Virk led a business delegation from Australia to promote bilateral trade and investment between India and Australia.
“India-Australia FTA is a symbol of strengthening relationship between India and Australia”, said Mr. Eric Abetz, former senator for Tasmania in Australia. Expressing his concern on over reliance of Australia on China, he pointed out the immediate need for Australia to diversify and India being a strong democratic country and a rising economic and military superpower would be a natural ally for Australia. “Today, Indians have become the largest migrant population in Australia. There should be no limitation to India- Australia co-operation. Australia is willing to co-operate with India in field of education, healthcare and knowledge transfers,” he added.
Earlier addressing the meet, Dr. Vijay Kalantri, President – AIAI, Chairman – WTC Mumbai, listed out education, mining, agro-products, aero-space, infrastructure, shipping & ports and textile as key focus sectors for India-Australia business cooperation. Stressing on the importance of education institutions and skilled labour force in achieving the target of 5 trillion economy for India, he appreciated the Australian model of industry led education and seek Australian co-operation in revamping educational sector in India.
Speaking on India-Australia FTA, he acknowledged the FTA has huge potential to accelerate the bilateral trade and pointed out the need to amend the double taxation agreement between two countries that was signed 30 years ago. He further suggested setting up of a combine fund to promote research and development activities in India.
Ms. Rupa Naik, Executive Director, MVIRDC World Trade Center Mumbai, in her remarks, extended an invitation to Australian business delegates to participate in WTC Mumbai’s flagship event ‘Connect India 2022’ which will further improve the business relations. Connect India is set to commence virtually on August 1, 2022 and is a digital platform to help Indian companies to connect globally.
Presenting Vote of Thanks, Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai, proposed collaboration between WTC Mumbai Education Institute and University Tasmania to provide courses on trade promotion and skill development courses to support businesses from both countries.
The interactive programme was attended by members of trade and industry.