Indian President highlights growth opportunities for Australia

November 26, 2018

SYDNEY - Visiting Indian President Ram Nath Kovind has exhorted Australian businesses to "hop, skip and jump" to India to benefit from the country's remarkable growth story.

Delivering the 2018 AIBC national Australia India Address, the President said Australia and India shared many commonalities and had much to gain from each other's progress.

"In recent years, we have stepped up our strategic partnership, deepening our engagement in defence, security, technology and people to people ties," he said.

"There is matching energy and heightened policy focus on our trade and investment relations as well."

"India and Australia share strong economic complementarities. Australia's steady and stable growth over several decades has made it a shining story and India's economic rise today is a global talking point," he said.

Based on this shared economic prosperity, India-Australia trade in goods and services has grown by more than 75% in the last five years and stood at US$21.5 billion in 2017, he said.

"But," he added "We can, no doubt, do much better with a forward-looking mobility partnership.

"India remains committed to take the proposed Comprehensive Economic Co-operation Agreement forward to further boost our trading ties.

"Our investment relations, however, comparative to our respective economy size and prospects, are yet to take off.

"The two-way cumulative investment stands at just under AUS30 billion.

"Australian pension funds, high-end technologies and innovative products are a natural fit for India's growth and development.

"We can do a lot more together be it on trade, investment, technology, skills or education. The prospects and possibilities are not just manifold but limitless.

"We should collaborate with each other on cyberspace, artificial intelligence, blockchain development and next-gen technologies to shape and guide the fourth industrial revolution."  (ATI).