Australia lays out red carpet

The Australian government is keen to get investments from Indian companies in major industrial activities.

The Australian government is encouraging foreign investment primarily in areas like information technology (IT), coal mining, oil and gas, renewable gas and other energy related activities.

"We wish India to consider Australia as the most preferred destination for direct investment. India is already the seventh largest trading partner and we hope a better ranking in case of foreign direct investment (FDI) from India", said Anthony Donnellan, investment manager at Invest Australia at the sidelines of seminar on 'Energy and resource investment opportunities in Australia'.

Major Indian investments in Australia include that by India's Oswal Group to construct an ammonia plant at Karratha close to North-West Shelf project in the State of Western Australia.

The total investment of A$630 million will set up the largest ammonia plant in Australia and most of its di-ammonium phosphate (DAP) fertiliser production would be sold to India., informed Phillip Martin, investment manager, energy and infrastructure-Invest Australia.

Among other substantial investments in Australia from Indian companies were Sterlite Industries which has acquired two copper mines in the State of Tasmania in Mt Lyell and a coppergold mine in the State of Queensland at Charters Towers, the Aditya Birla Group which has acquired copper mines at Nifty (Western Australia) and Mt Gordon (Queensland) and Asian Paints which acquired Pacific Paints in the State of Queensland.

Apart from energy and fuel Australia is also seeking FDI from India in areas like nanotechnology, biotechnology,agribusiness,advanced manufacturing, automotive and financial service, added Martin.

It was also informed that Indian major IT companies like Tata consultancy services, Wipro, Satyam, Infosys have their presence in Australia delivering contractual service along with other research and development activities, he added.

"Australia provides a safe and secure business environment marked with lower risk and higher return, government support and cooperation for foreign investor and a superior quality of the market", said Donellan while explaining Australia as a potential and preferred destination of India's investment.

He also pointed that with increasing number of students and tourist from India "" the cultural bondage and transfer of human resource is getting stronger and it would act as a facilitator of international trade.

"We are looking at China and India among the leading investors in Australia", added Donnellan.