India, Aus sign pact for trade, investment

MELBOURNE: Indian and Australian trade bodies have inked an agreement for acquainting the Indian diaspora with various trade and investment opportunities in India.

The Australia-India Business Council (AIBC) signed an MoU with Overseas Indian Facilitation Centre (OIFC) to foster understanding between the two sides.

According to the Business Wire website, the announcement was made yesterday in the backdrop of the OIFC Diaspora Engagement Meet held during Regional Pravasi Bharatiya Diwas in Sydney.

OIFC is a a not-for-profit, public-private partnership between Ministry of Overseas Indian Affairs (MOIA) and Confederation of Indian Industry (CII).

Under the memorandum of understanding, the two organisations would work towards acquainting the Indian diaspora with various trade and investment opportunities in India, which could benefit their businesses, and at the same time improve trade and commercial ties between the two countries.

It would also seek to enhance the economic engagement of the diaspora in Australia with India.

Both AIBC and OIFC will cooperate to foster a closer networking between its members of Indian origin with people and organisations in India to expand their economic engagement with India and will facilitate visits of delegations of both organisations and support in organising programs, meetings, and conferences.

They will also facilitate one-to-one interaction between representatives of business and the two governments apart from supporting promotional activities of both organisations.

Regular dialogue on relevant issue of mutual benefit and interest would be also held between the two organisations.

Sujata Sudarshan, CEO, OIFC, said, "This is indeed a very significant development towards OIFC's efforts of connecting with the Indian diaspora. This MoU reaffirms our commitment to support the Indian diaspora in making informed choices while deciding to initiate economic linkages with India."

Dipen Rughani, National Chair, AIBC, said, "AIBC is delighted with its association with OIFC and the opportunity to share its expertise and address the queries of the vast population of the Indian diaspora based in Australia about investing in India."