The Hindu : Mining in India most promising, says Australian Minister

Online edition of India's National Newspaper
Tuesday, Apr 23, 2002

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Mining in India most promising, says Australian Minister

By Our Special Correspondent

NEW DELHI April 22. Australia seeks to expand bilateral ties in the fields of education, the ``new'' economy, the environment and traditional sectors such as mining, infrastructure and agriculture, according to the visiting Australian Foreign Minister, Alexander Downer.

The Minister also said his country aimed to be India's partner as it looks up to the future.

Addressing a meeting organised by the Confederation of Indian Industry (CII) here today, he noted that several Indian companies had achieved a place in the Australian market. These include Sterlite Industries which holds a substantial interest in several Australian copper mines while TISCO and the Oswald group were pursuing investment proposals. Over 20 Indian IT companies were enjoying successful ventures in Australia, including Polaris Software, Tata Consulting Services, Wipro, Infosys and Pentasoft.

As for Australian business which has achieved marked success in the Indian environment, the Minister said the Fosters group was the first foreign brewer to establish operations here P&O Ports was now one of India's largest foreign developers of infrastructure and mining giants, BHP Billiton and Rio Tinto which have a portfolio of developing interest in the mineral and petroleum sectors. Other notable companies with stakes here are Greenspan Technology, a world leader in manufacture of waste water management equipment, Clipsal Industries, which produces light switches for the domestic and international markets.

On the banking and financial front, he welcomed the Indian move to assess alternative banmote options, including polymer. The Australian company, Securency, the only one in the world with polymer banknotes in circulation, is well placed to work with India in this matter.

Regarding education, he said Australia aims to be a destination of choice for students wishing to pursue education overseas. Over 10,000 Indian students were now studying in Australian educational institutions and the country was now one of the top three destinations for them.

In the area of the new economy, he said liberalisation and market growth in India should allow Australian firms to invest profitably in IT, health, education, biotechnology, environmental services, media and entertainment sectors.

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