24 November 2008
Federal Government welcomes IAG investment in India
Trade Minister Simon Crean applauded today's announcement by the Insurance Australia Group (IAG) to enter a joint venture with India's largest bank, the State Bank of India (SBI).
The joint venture will establish a general insurance company in India with IAG investing approximately AUD$170 million in the venture.
Mr Crean said the IAG and State Bank of India joint venture reflected the Rudd Government's optimism about the opportunities for Australian companies in the Indian market.
The Australian Government is committed to taking the relationship with India to a higher level and trade and investment lies at the heart of this relationship
India is Australia's seventh-largest export market and 11th-largest trading partner. Over the past five years, India has been Australia's fastest-growing major export market.
Australia and India share strong economic synergies. Our supplies of resources and energy remain central to meeting India's growing needs.
Australian expertise in the services sector is offering significant new opportunities to expand trade and investment, underlined by the IAG and State Bank of India joint venture, Mr Crean said.
The State Bank of India is the nation's largest financial services organisation with more than 100 million customers.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555