Australian firms looking at investment in India

The companies from Australia are looking at various projects in infrastructure, film industry, financial services and healthcare, as part of leveraging the growth opportunities in India, said Australian High Commissioner to India, Patrick Suckling. He said that the bilateral trade has a potential to grow considering that Australia's bilateral trade with China is at around $130 billion while it is $17.3 billion with India.

Australian companies are looking at all of the opportunities in India, in the technology, around rail systems, signaling, safety. It is one of the biggest countries in terms of heavy freight because of the resources and the country has very good capabilities in heavy rail.

"When you look at the SEZ, the industrial corridors, all of the planning and construction required, in the waste management and green technology, and Australian companies are actively looking at these opportunities," he said. He was speaking to the reporters in the sidelines of the Annual Day of the Indo- Australian Chamber of Commerce.

India wants to invest $1.3 trillion in infrastructure in the next few years and India is looking for capital for that development. Australia has institutional investors and our pention funds are the third largest in the world where they have $2 trillion worth of money looking for stable long term investment and they are increasingly investing in India. Four Australian banks are there already in India. They would be looking at build their business in India, in infrastructure and healthcare, film industry, architecture, building new green cities, town planning, waste management, he added.

Australia's trade with China is about a $130 billion, where as with India at the moment is about $17.3 billion. Given India's demand for gas, copper, coal and the interest in agri business, education, a lot of infrastructure, the trade relation with India would grow more.

Last year, Indian companies invested $10 billion in Australia, while Australian companies had a direct investment of around $7 billion in India during the period apart from the institutional investment. By 2018 Australia would be the biggest LNG producer in the world and could supply to the growing requirement of India, he added.