India-Australia bilateral trade 40 Billion US$ by 2015

The Institute of Indian Economics in association with The Federation of Andhra Pradesh Chambers of Commerce & Industry organized a Interactive Meeting with “” on 2^nd March 2012 at JS Krishna Moorthy hall, Red Hills, Hyderabad. Mr. David Holly, Australian Consul General to South India, Mr. Matthew (Matt) Crooke, Minister – Counselor (Economic), Australian High Commission was the key speakers at the occasion.

Mr. V S Raju, President, FAPCCI, Dr. U. Subrahmanyam, Director, Indian Institute of Economics, Mr. Devendra Surana, Senior Vice President, FAPCCI, Mr. Srinivas Ayyadevara, Vice President, FAPCCI, Mr. Shyam Sunder Pasari, Chairman, International Trade Relations Committee, FAPCCI, Mr.Ramakrishna Dastrala, Business Development Manager, Australian Trade Commission, Ms.Sangeetha Krishnamoorthy, Business Development Manager, Australian Trade Commission, Mr. O. Swaminatha Reddy, Chairman, Indian Institute of Economics are the other speakers at the occasion.

Mr. V.S. Raju, President, FAPCCI said in his welcome address is that the Indian companies have invested around 3 billion dollars in Australia, dominated by coal. Recently, the GVK Group announced a deal to acquire Hancock Coal for 1.26 billion dollars. It plans to invest an additional 6 billion dollars to develop assets. Early this year, Lanco Infratech acquired assets of Griffin Coal in a 760-million dollars deal. Australia has so far attracted a global investment of 83 billion dollars in the resources sector alone, while the pipeline is at an estimated 430 billion dollars. In 2011-12, Australia has so far attracted a global investment of 83 billion dollars in the resources sector alone, while the pipeline is at an estimated 430 billion dollars.

Mr. David Holly, Australian Consul General to South India said that the growing of India and Australia bilateral partnership has doubled the from AUD 8 billion 10 2005 to AUD 22 billion in 2011, with trade expected to double again to US$ 40 billion by 2015. And this partnership launched CECA negotiations, which will have its third round next month. It is the growing strength of our bilateral investment partnership that has made Australia the third largest revenue source for India’s IT companies, many of which are located in this great State of Andhra Pradesh. Resources investment from Andhra has also been significant, including from companies like NMDC and GVK.

And it is the growing strength of our bilateral education partnership that has resulted in Australia’s Union education minister to visit South India in August last year after establishing with Union Minister for Human Resource Development, Kapil Sibal, the Australia – India Educational council. Working on the delivery of vocational education in India.