New thrust to Indo-Australian business relations

By Our Staff Reporter

CHENNAI, MAY 16. Australia is emerging as a new frontier for India's international trade.

The recently concluded India-Australia Joint Business council session held at Sydney has given a new thrust to business relations between the two countries.

In a press release, Mr. C. Sarat Chandran , Director of Indo- Australian Chamber, Chennai, has stated that Australia and India are rediscovering each other and developing a new equation between them.

The new relationship is based on four developments.

First, Australia is an import intensive country with a staggering import bill of A$90 billion.

It imports almost everything from clothing to computers.

Second, India's new export-import policy dismantles most of the quantity restrictions on imports including consumer products and this gives Australia a tremendous opportunity to reach out to Indian markets.

Third, Australia recognises India's leadership position in the information technology industry particularly in the software solutions and manpower requirements.

Finally, many Australian companies are interested in using India as a cost effective manufacturing base to take advantage of its lower labour costs and marketing their products to the entire Asia Pacific region and beyond.

He adds that the new interest has led to a number of joint ventures and collaborations between companies in the two countries.

These include the investment that Consolidated Press Holdings of Mr. Kerry Packer made in Himachal Futuristic Communications, a telecom venture, and the MoU signed between the Australian consortium of Spirit Gas and Kerala State Industrial Development Corporation.

A Chennai based company has also received an order for an Ayurvedic balm from the organiser of Sydney Olympics.

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Section  : Business
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