TRADE TALK
amidst unprecedented global challenges.
Australian businesses recognise India’s longterm growth potential Hon Barry O’Farrell AO, High Commissioner of Australia to India, stresses on avenues for collaboration in food processing, education, energy, EVs, telecom & Industry 4.0. IBT: Recently, India and Australia engaged in an India-Australia leaders’ virtual summit and extended the bilateral Strategic Partnership concluded in 2009 to a Comprehensive Strategic Partnership (CSP). What is the rationale and the key areas that will benefit from this revision? Barry O’Farrell AO: AustraliaIndia ties are at historic highs. By elevating our relationship to the level of a Comprehensive Strategic Partnership, India and Australia have cemented what has been a rapid deepening and broadening
of the relationship. The partnership also shows our commitment to working even closer together to pursue a shared vision for the Indo-Pacific region – to ensure that it is secure, open, inclusive & prosperous. In addition, our Prime Ministers signed eight high-impact, practical agreements to advance strategic & economic cooperation. These agreements ranged from maritime and cyber security to critical minerals, education & water management. They will deepen our strategic & economic cooperation,
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IBT: India is undertaking reforms in various sectors, creating an environment conducive for business and FDI. How do you see it impacting Australian investments in India? Barry O’Farrell AO: In responding to the economic challenges of COVID-19, we have seen India adopt fundamental reforms that have opened up its sectors to new investments. Reforms in India’s agricultural sector create opportunities for Australia to invest in India’s agricultural supply chain infrastructure, including food processing, logistics and bulk storage solutions. Similarly, India’s program of divestment of quality government-owned assets will continue to present opportunities to Australian investors, including through India’s National Investment and Infrastructure Fund (NIIF). Recently, we hosted some of Australia’s largest investment funds – collectively managing assets of more than AUD 736 billion (INR 38 lakh crore) – in exploring investment opportunities in India with the NIIF. The virtual delegation follows in-person tours to New Delhi and Mumbai in 2018 and 2019 facilitated by the Australian Government, and delivered on a commitment made between Prime Ministers Modi and Morrison in the June virtual summit to support knowledge and network building among investors. Australia is well-placed to support India’s investment needs; it finished 2019 with the world’s fourth-largest pension funds market, valued at AUD 2.95 trillion (INR 150 lakh crore). There is a recognition among Australian businesses that over the long term, India’s economy is destined for considerable growth across a range of sectors. We welcome further reforms to increase investment attractiveness and ease of doing business. IBT: How is the establishment of an Australia-India Food
