Interviews
Kamal Nath & Warren Truss address India-Australia JBC
02 Mar '07
3 min read
Inviting Australia to invest in India, especially in mining, farm and education, Shri Kamal Nath said:
The mining sector should be of great interest to many of you. The economies of India's traditionally backward states, Chhatisgarh, Jharkhand and Orissa have the potential to grow from US $ 30 billion in 2003 to US $ 75 billion by 2015 if they tap their mineral wealth—and in the coming years, I expect Australian companies with their state of the art clean coal and mining technologies to play a huge role in developing the wealth of these states.
Farm sector stakeholders in Australia, I believe, might have a lot to offer counterparts in India with regard to the latest farming methods and cropping patterns. India is now in the process of upgrading its farm sector, and is seeking massive investments in processing capacities and cold chains; it is also looking to diversity its crop mix. I also believe that Australian food processing companies can play a huge role in developing boutique crops in India such canola, Chinese vegetable, grapes, organic wheat, berries, etc.
The education sector holds huge potential for Australian firms and institutions. Last year, Australia edged out the UK to become the second most sought after destination for Indian students, attracting 15,000 students in 2006.
The immense potential for investment flows between the two countries was emphasised in the JMC meeting. India and Australia have agreed to promote bilateral investment, including in the energy, mining, infrastructure, food processing, telecom, information and communications technology, tourism, biotechnology and financial sectors.
While India shared information regarding steps taken to ease foreign direct investment (FDI) regulation, including sectoral caps and simplification of procedures, Australia informed India of the establishment of Invest Australia offices in both Mumbai and New Delhi to facilitate Indian investment into Australia.
The mining sector should be of great interest to many of you. The economies of India's traditionally backward states, Chhatisgarh, Jharkhand and Orissa have the potential to grow from US $ 30 billion in 2003 to US $ 75 billion by 2015 if they tap their mineral wealth—and in the coming years, I expect Australian companies with their state of the art clean coal and mining technologies to play a huge role in developing the wealth of these states.
Farm sector stakeholders in Australia, I believe, might have a lot to offer counterparts in India with regard to the latest farming methods and cropping patterns. India is now in the process of upgrading its farm sector, and is seeking massive investments in processing capacities and cold chains; it is also looking to diversity its crop mix. I also believe that Australian food processing companies can play a huge role in developing boutique crops in India such canola, Chinese vegetable, grapes, organic wheat, berries, etc.
The education sector holds huge potential for Australian firms and institutions. Last year, Australia edged out the UK to become the second most sought after destination for Indian students, attracting 15,000 students in 2006.
The immense potential for investment flows between the two countries was emphasised in the JMC meeting. India and Australia have agreed to promote bilateral investment, including in the energy, mining, infrastructure, food processing, telecom, information and communications technology, tourism, biotechnology and financial sectors.
While India shared information regarding steps taken to ease foreign direct investment (FDI) regulation, including sectoral caps and simplification of procedures, Australia informed India of the establishment of Invest Australia offices in both Mumbai and New Delhi to facilitate Indian investment into Australia.
Press Information Bureau, India
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