Financial Daily from THE HINDU group of publications
Tuesday, Nov 29, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 29, 2005 |
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Industry & Economy
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Foreign Trade `There's scope for more trade with Australia' Our Bureau
Chennai , Nov. 28 THERE is enormous scope for increased trade between India and Australia in sectors such as infrastructure, telecom, food processing, roads and ports and information technology, according to Mr T.C. Venkat Subramanian, Chairman and Managing Director, Export-Import Bank of India. Trade between the two countries so far has not been "top class." But, there are a number of opportunities coming up in various sectors, including IT and agriculture, he said, at a seminar on `Indo-Australian Trade Relations: Changing Profiles and New Equations,' organised by the Indo-Australian Chamber of Commerce. Total trade between the two countries in fiscal 2005 has been $4.3 billion. Of this, India's exports to Australia were $0.7 billion and imports $3.6 billion. The Trade & Economic Framework Agreement proposes to raise trade to $8 billion in two years, said Mr Subramanian. Investment from Australia to India has been consistent. It is the 14th largest direct investor in India with cumulative investment of $151 million from August 1991 to August 2005. More than 100 Australian companies have offices in India, he said. Out of the $11.5 billion of (up November 2004) India's overseas investment, Australia's share was three per cent. The US was the largest destination, and emerging markets such as Russia, Mauritius and Sudan were the next largest destinations for Indian approved overseas direct investment, he said. Mr Subramanian cited Warburg Pincus selling its entire stake in Bharti Tele-Ventures as an example of India being a good destination for investors.
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