Entrepreneurs eye expanding Indian market for hefty profits

April 04, 2008 - Australia

Australian Trade Commission (Austrade) strongly holds that domestic entrepreneurs supplying various products and services to India have immense potential to capitalize on the volatile growth of the country.

Mr Mike Moignard, Senior Trade Commissioner to South-Asia, is in Australia to reinforce business to supply the rapidly growing mammoth economy of India.

Demand for wool in particular is burgeoning and it is most likely that by strengthening trade relations, Australia will surely be in a favorable position.

Fibre2fashion had the privilege to interview Mr Mike in light of this issue and he very candidly stated, “Australian commodities are in big demand in India. Besides, we also see good potential for other Australian products, such as fashion and clothing, in India. Australian fashion is making inroads internationally and going forward; we see the country as a great market for Australian textile, clothing and footwear (TCF) labels.

Mr Mike further added saying, “The vibrant Indian economy has created a whole new segment of consumers who are well traveled and are aware of international fashion trends. Australian fashion is rich in color and reflects a vibrant, creative nation and a fresh, exuberant style that is a perfect fit for the Indian market”.

When asked about the Government’s plan to improve trade with India, Mr Moignard gave a positive response and asserted, “The Australian Government is committed to taking the bilateral relationship with India to a higher and more comprehensive level. Mr Simon Crean, Minister for Trade, visited India in January 2008. He engaged with senior business figures including those from the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), and the Mumbai and New Delhi Australian and New Zealand Business Associations in India (ANZBAI).”

Mr Crean held discussions on improving trade and economic engagement. Moreover, during his meeting with Mr Kamal Nath, the Indian Minister for Trade and Commerce, he highlighted areas where Australia and India could work together in bringing the Doha Round to a successful conclusion, including in areas like agriculture, manufacturing and services.

Additionally, Australia and India have begun work on a joint study for a Free Trade Agreement (FTA) between the two countries. The study group will hold meetings throughout 2008.

In fact, Utsav Australia is one of the most outstanding examples of the initiative taken by the domestic Government to strengthen bilateral trade with India.

For information on Australian trade with India click here