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Meeting with H E Mr Bob Carr,
Hon'ble Premier of New South Wales, Australia
November 1, 2004, New Delhi
Address by Mr Vikram
Kapur, Chairman, India-Australia JBC
Hon'ble Mr. Bob Carr, Premier, New South Wales
Mr Narayan Murthy
Her Excellency, Penny Wensley, High Commissioner of
Australia in India
Mr. Neville Roach, Chairman, Australia India Business
Council
Distinguished Delegates
Ladies & Gentlemen;
It gives me great pleasure in welcoming you this afternoon
on behalf of myself and FICCI to this meeting. We appreciate,
Your Excellency, for making it convenient to be with
us, although you have returned from Jodhpur a brief
while ago.
India and Australia relationship has, on occasions,
been taken as granted. We need to inject new vigour
and energy into the relationship. We are very different
but we also have many things in common. We share history
and have a common passion for cricket - in the recent
Test Match Series, Australia has beaten India hollow.
Australia and India have an important and deepening
relationship :
- flourishing bilateral trade and investment;
- a healthy dialogue on a range of bilateral issues;
- and increasing cooperation in areas where we share
common interests (e.g. in South-East Asia and the
Indian ocean, WTO, Commonwealth and environment)
Despite this, potential of the relationship has not
been fully realized.
If we look at our economic engagement with Australia,
it can be seen that in 1991, India was Australia's 24th
largest trading partner. In 2003, India moved to the
15th position and entered the top-ten export markets
in the 9th place. Today, India is the 7th largest export
market for Australia. The Australian merchandise exports
to India have increased over 400 per cent in the past
decade.
In case of accumulated approvals to India, Australia
ranks as the 8th largest investor in India. This is
2.89 per cent of the total approvals granted since 1991.
The investment is Australian $ 1 billion. Australia
has so far invested in India mainly in - Mining &
Euipment, Food Processing Euipment, Technology for energy
generation, healthcare services, etc
India, on the other hand, has invested in Australia
primarily in Textiles and clothing, software, chemicals
& related products, engineering products, gems &
jewellery, etc.
Some of the companies which have a set up in Australia
are - Tata Consultancy Services, Infosys, Birla Soft,
Oswal Group, etc.
In education, Australia is the 3rd largest destination
for Indian students. Over 13,000 Indians, received education
in Australia last year - a 32 per cent increase over
2002.
Entertainment is another area, which is moving ahead
by leaps and bounds, as India's vibrant film and television
industry are using Australian locations. This is bound
to increase tourism from India - which is an important
area for synergising with each other.
Another important area for deepening our relationship
is in the area of energy - LNG, where Australia could
play an important role being a future supplier of the
same for the Indian market.
Cooperation in Information Technology
As per global consultancy major Gartner, India accounts
for as much as 80 percent of the overseas outsourcing
business, helping it earn the soubriuet of the electronic
housekeeper to the world.
The revenues of this booming BPO industry has ballooned
in the past few years to touch $3.6 billion per annum,
employing over 245,000 people - six times the numbers
as many as five years ago.
Australia can tie up with India in this sector so as
to complement the synergies that exist between our countries
There are other areas too where India and Australia
could be partners. Meetings such as this provide an
opportunity for exploring and initiating dialogue for
taking our relationships to newer heights.
I am sure, the interactions and discussions that emanate
from today's meeting with HE Mr Bob Carr would add a
new milestone to our economic relationship.
Thank you.
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