Southern States
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Karnataka
Australia invites investments
By Our Special Correspondent
BANGALORE
FEB. 7.
The Senior Trade Commissioner for South Asia and Minister (Commercial), Australian High Commission, Richard W. Kovac, on Thursday said Australia had flexible rules for foreign investment, and the processing by the Foreign Investment Board was quick. Addressing members of the Greater Mysore Chamber of Industry (GMCI) here, he said there were nearly 470 multinational companies in Australia, and there were tremendous opportunities for growth.
He said Australia was focusing on information technology, biotechnology, and agro products. With regard to India, he hoped that the mining sector would open up a little more as Australia was quite strong in the field. The two countries had enormous potential to expand trade opportunities, he said.
The GMCI President, K.M. Mathur, said Australia and India had to look at each other's potential and expand bilateral trade. The direct investment made by Australia in India was only $ 1 billion — less than one per cent of its overall worldwide investments.
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