The Premier of South Australia, Mr. Mike Rann, during his meeting with Shri Kamal Nath, Union Minister of Commerce and Industry, discussed various matters including the stepping up of bilateral trade and economic cooperation between the two countries.
Both sides agreed that there is vast scope for increasing the bilateral trade, considering the untapped opportunities for exploiting the potential for growth.
The Premier has invited Shri Kamal Nath to visit Australia during May 2008 for the 11th India-Australia Joint Ministerial Commission.
Both sides discussed about the market access – sending teams of experts to each other's country to address quarantine, food safety, certification and standardization issues.
South Australia currently has investment from Indian companies viz, Reliance Industries, Sterlite Industries, Indage Group and Minda, in the areas of mining, wine and tooling amongst others.
During the discussions, Shri Kamal Nath informed the Premier that FDI policies in India have been further liberalised and many new sectors have been opened recently and added that infrastructure sector in India is an opportunity for investment.
Australia is ranked as the 18th largest source of foreign investments in India. The percentage share of total approvals for top sectors attractive investment into India from Australia has been in the areas of fuels (37.03%); metallurgical industries (33.81%); telecom (15.33%); transportation (2.96%) and chemicals – other than fertilisers – (2.91%).
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