$6.5 Million Budget Package to Enhance Australia's Commercial Engagement with India

Australia's commercial engagement with India will be accelerated with a $6.5 million Australian Government Budget initiative designed to help Australian businesses capitalise on emerging opportunities from one of the world's fastest growing economies, Deputy Prime Minister and Minister for Trade, Mark Vaile, said tonight.

"Over the past five years, Australian exports to India have grown faster than those to any of our other top 30 markets, reaching just under $7 billion in 2005, making India our sixth largest merchandise export market. This initiative is designed to further strengthen Australia's already deepening economic partnership with India and assist Australian businesses in pursuing the growing economic opportunities offered by India's booming economy" said Mr Vaile.

"The Budget initiative will provide additional Austrade representation and an expanded reach in the north and south of India. This includes the establishment of a new Austrade managed Consulate-General in Chennai."

"This package will enable a sustained marketing and promotional campaign to be undertaken to raise awareness in the Indian business community of Australia's industry and services capability. The range of activities will include product and industry-specific promotions and in-bound missions around key events such as the 2010 Commonwealth Games."

"The funding provided reinforces the Government's focus on strengthening trading relationships with key regional and bilateral trading partners and highlights our commitment to the future development of our trade and economic relationship with India," Mr Vaile said.

The Government will allocate $2.6 million in new funding for this measure with Austrade allocating an additional $3.9 million from existing resources, bringing the total package of support to $6.5 million over three years.

Contact: Mr Vaile's Office 02 6277 7420, Departmental 02 6261 1555, Austrade 02 9390 2701