In Short : Indian Minister Piyush Goyal will engage with Australian industry leaders to explore investment opportunities in India. The discussions aim to enhance bilateral economic ties, particularly focusing on key sectors like renewable energy, infrastructure, and technology. With growing collaboration, India seeks to attract Australian investments to boost its economic growth, aligning with the country’s long-term development goals and sustainability initiatives. This meeting represents a significant step in strengthening trade relations between the two nations.
In Detail : At the invitation of Don Farrell, the Minister of Trade and Tourism of Australia, Goyal will undertake a visit to Australia from September 23-25.
The minister will co-chair the 19th India-Australia Joint Ministerial Commission meeting to be held in Adelaide on September 25, during which both sides will discuss ways to further elevate the bilateral economic engagement.
“Commerce minister will interact with leading Australian and Indian CEOs and industry leaders and representatives from Australian pension funds to highlight the vast opportunities for investment in India,” the commerce ministry said.
Both countries are looking at enhancing cooperation in areas like critical minerals, manufacturing, education, renewable energy, infrastructure, tourism, and space.
The visit also assumes significance as India and Australia have implemented an interim trade agreement and now is under negotiations to widen the scope of the pact into a comprehensive pact.
The bilateral trade between the two countries has dipped to $24 billion in 2023-24 from $26 billion in 2022-23. The trade is in favour of Australia as India’s exports stood at $7.94 billion in the last fiscal year, while imports were at $16.15 billion.
Australia is the 25th largest investor in India with foreign direct investments of $1.5 billion during April 2000 and June 2024.
