Though Australia-India economic ties have grown significantly in the last decade, there is scope for further growth, Australian High Commissioner to India Harinder Sidhu said on Monday .
India is Australia's 10th largest trading partner, with two-way trade valued at A$21 billion and two-way investment valued at A$24 billion in 2015-16. India is Australia's sixth largest export market, comprising nearly A$15 billion in goods and services.
"Even though these are very significant figures, more can be done to increase exports and attract foreign investment in both directions as India takes a more active approach to engaging with the global marketplace," Sidhu said in a statement issued by the Australian High Commission ahead of the visit of Australian Minister for Trade, Tourism and Investment Steven Ciobo, who will be leading a delegation of over 170 Australian businesses for Australian Business Week India (ABWI) to be held from August 28 to September 1 across New Delhi, Mumbai, Kolkata, Bhopal, Bengaluru and Hyderabad.
According to the statement, Australia is committed to exploring ways to expand its engagement even further and it is making practical efforts to help Australian businesses develop personal connections with Indian counterparts in business and government.
ABWI is designed to grow commercial links and highlight Australian capability in a range of industries including agribusiness and food, higher education and research, smart cities and infrastructure, innovation and resources and mining technology and services.
"ABWI 2017 builds on an earlier business mission to India, ABWI 2015, which delivered 20 significant deals worth millions of dollars," the statement said. "Moreover, it comes at a crucial time for Australia's blossoming commercial relationship with India."
The Australia-India CEO Forum will also be held alongside ABWI on August 29.
"A Prime Ministerial initiative, the Forum will bring together business leaders from many key sectors. The Forum will present both governments' recommendations to enhance economic linkages," the statement said.
--IANS
ab/bg
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