Australia to invest $16m to boost trade ties with India

New Delhi: Australia on Wednesday unveiled an ambitious roadmap to expand and diversify its trade and investment ties with India with a focus among other issues on defence industries, sports, culture, space and technology.

The roadmap identified four "superhighways of growth" - clean energy, education and skills, agribusiness, and tourism. It outlines a pathway to focus ongoing efforts, including to boost two-way investment, and work with the Indian-Australian communities and businesses. "India is an essential partner as we diversify our trade links to boost prosperity for all Australians," Australian PM Anthony Albanese said while unveiling the roadmap. "This roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia's economy, our businesses and jobs, and our prosperity," he said. The roadmap released by Albanese's office also identifies nearly 50 specific opportunities to focus and accelerate Australia's engagement with India in several areas such as defence industries, sports, culture, space, and technology.

Australia is investing $16 million for an Australia-India Trade and Investment Accelerator Fund, which will help Australian businesses unlock new commercial opportunities in India. "Growing Australia's economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest," Australian foreign minister Penny Wong said. "By boosting our economic ties with India, we are not only creating more jobs and opportunities for Australians, we are advancing our shared interest in a peaceful, stable and prosperous Indo-Pacific," she said. Australia's trade and tourism minister Don Farrel, in his comments, referred to the rich and diverse Indian community in that country with strong personal and economic ties. "The roadmap, the result of significant consultation with businesses and the community, offers a blueprint for Australian businesses to seize this extraordinary opportunity," he added.


The Australian government also announced plans to invest an "extra $4 million" for its Maitri ('friendship') Grants programme to enhance the people-to-people, business-to-business and cultural links between the two nations.