Birmingham underlines the Indian market importance

Indian industry is prepared to engage more deeply to increase investments, trade, and commerce between the Indo Pacific region together with their Australian counterparts.

This was underlined at the virtual summit between India and Australia organized by the Australia India Business Council (AIBC) and FICCI on 16 June 2020.

Simon Birmingham, Australian Minister for Trade, Tourism and Investment, further underlined partnership between the two countries.

“No single market offers more growth opportunities for Australian businesses than India. I welcome the efforts of the Australia India Business Council to support the Australia-India relationship,” he said.

Both AIBC and FICCI believed that the business community in both countries can hold their own in the current situation and support both Governments in moving towards accelerating economic growth. 

There was a strong agreement that the virtual meeting of Prime Ministers Narendra Modi and Scott Morrison inspired businesses in both countries to convert potential calamity into an opportunity.

Further, the elevation of our bilateral relations to the Comprehensive Strategic Partnership (CSP) level, was a landmark development, said a FICCI release.

Together, India and Australia have a larger role to play in the Indo-Pacific region, it added.

India and Australia have already recognised the importance of cooperation in science, technology and research in order to share the benefits of medical and scientific research and strengthen their healthcare systems to combat pandemic situations like currently. 

FICCI and AIBC are working on opportunities of cooperation in energy, resources and water, industrial design, infrastructure investment, pharmaceutical research, Information Technology, metals recycling for manufacturing inputs and agribusiness.

AIBC appreciated the partnership with FICCI and said that manufacturing scenarios in Australia will be changing and their Australian Industries will be realigning their strategies due to the impact of COVID-19 and ‘Make in India’ program will benefit many Australian industries. fiinews.com

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