India Desk set up in Australia

MELBOURNE: An India Desk, a first point of contact for Indian firms to enter the Australian market, has been set up in Australia in a bid to boost bilateral commercial links. The desk will be established in the state of Victoria.

This was announced here at an Australia-India Business Council (AIBC) organised trade conference which discussed and examined the economic and business opportunities in India for Australia's companies and entrepreneurs.

Today Australia's leading companies are members of AIBC and the interest in developing business ties with India has enabled the Council in Victoria to establish this desk, a media report here said.

The conference outlined opportunities for Victorian companies in exports and setting up offices in India and highlighted tremendous opportunities to use India as a source of products and services.

It further discussed tapping IT outsourcing and business process outsourcing opportunities from India by Victorian companies apart from being a source of products such as textiles, car components and raw materials.

The AIBC is well placed to help companies interested in such opportunities through its Information and Communications Technology Industry Chapter, 'The Age' newspaper said. India is certainly a significant market for Victorian companies. However, as with most markets, it takes time and patience.

Many of the AIBC's members have been active and successful in the Indian market, the report added. Victorian government has been active in enhancing trade relations with Indian companies and five ministers and state's Premier Steve Bracks also visited India last year that led to the opening of the Victorian business office in Bangalore.

The visit by Prime Minister John Howard this year and establishment of a consulate-general office in Chennai, bears testimony to the importance of India to the Government.

Apart from this, early last month, Australian trade minister Mark Vaile also announced a $6.5 mn Australian Government Budget initiative to help Australian businesses capitalise on emerging opportunities from India.

"Over the past five years, Australian exports to India have grown faster than those to any of our other top 30 markets, reaching just under $7 bn in 2005, making India our sixth largest merchandise export market.

"This initiative is designed to further strengthen Australia's already deepening economic partnership with India and assist Australian businesses in pursuing the growing economic opportunities offered by India's booming economy" the trade minister said.

The Australian government has decided to allocate $2.6 mn in new funding for this measure with Austrade (Australian Trade Commission) allocating an additional $3.9 mn from existing resources, bringing the total package of support to $6.5 mn over three years.