India is open for business

Australian business is ready to take on the opportunities provided by the booming Indian economy. This is the clear message Australia’s Trade Minister, Warren Truss, has delivered during his trade mission to India over the past week.

Mr Truss met with his counterpart, Indian Commerce Minister, Kamal Nath, as part of the 10th Joint Ministerial Commission meeting, as well as meeting a number of key Indian Cabinet Ministers and business leaders.

During his visits to Chennai, Hyderabad, Delhi and Mumbai, Mr Truss led a business delegation of more than 60 Australian companies eager to do business in India. More than 150 Australian and Indian businessmen and women participated in the 16^th Joint Business Council meeting in New Delhi during the visit.

“India is our fastest-growing major export market with more than 30 per cent annual growth in exports over the last five years” Mr Truss said.

“As our sixth-largest export market with goods and services exports of more than $10.3 billion in 2006, the Indian market is already significant for us.

“Australia is a key supplier of resources, education and services helping to fuel India’s economic growth. There is enormous potential for further growth in a range of other sectors including infrastructure, biotechnology, financial services and food.

“I am particularly pleased to have been able to announce a study on the potential for commercial collaboration between Australia and India in the area of food processing,” Mr Truss said.

During his talks, Mr Truss promoted Australia’s interests in India’s mining reform process - identifying opportunities for India to encourage greater investment in the sector. Mr Truss also pushed for the removal of barriers to the export of Australian dairy and animal products to India.

“My meetings with Mr Nath allowed me to stress the important role India has as one of the leaders of the developing world in progressing the Doha Round of world trade talks,” he said.

Australia and India’s cooperation in the Asia-Pacific Partnership on Clean Development and Climate (AP6) is a priority to both countries and Mr Truss welcomed India's offer to host the second AP6 Ministerial meeting in the second half of this year.

“It is clear that Australia and India already have a close relationship based on our existing economic links and shared cultural and sporting history. This gives Australian companies an advantage over many countries but we should never take this for granted.

“The opportunities are enormous but it is now up to business to look closely at the potential in India and to seize the opportunities,” Mr Truss said.

Media Inquiries: Minister Truss' office 02 6277 7420 - Departmental Media Liaison 02 6261 1555