Commerce Minister delivers the Leaders on Asia address on “India’s Growth Story: Opportunities for Australia” in Sydney

New Delhi, June 27 (KNN) Persuading the investors in Australia to invest in India, Commerce & Industry Minister Suresh Prabhu talked about shifting of informal sector resources to formal sector through financial inclusion and increased digitalisation and the measures being taken in making the processes of doing business in India easier.

He was speaking at the 15th India-Australia Joint Ministerial Commission (JMC), which was held on 25th June 2018, in Canberra, Australia. 

The meeting was jointly chaired by Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu and Australian Minister for Trade, Tourism and Investment Steven Ciobo.

The JMC took place after a gap of 4 years in a very warm and cordial atmosphere.

Holding discussion to increase bilateral trade between India and Australia, both sides agreed to have greater collaboration between Austrade, the Australian Trade and Investment Commission and Invest-India, which is the National Investment Promotion and Facilitation Agency of India.

The talks culminated in the signing of an MoU between Austrade and Invest-India in order to facilitate bilateral investment flows.

In the second leg of his visit today, in Sydney, the Commerce Minister addressed representatives of about 25 Australian Superfunds, who have huge investible assets and the Minister informed them about the work being done in transforming and reforming India and about the many investment opportunities that are being generated for investors.

He focussed on structural changes such as introduction of the Goods and Services Tax (GST), shifting of informal sector resources to formal sector through financial inclusion and increased digitalisation and the measures being taken in making the processes of doing business in India easier.

He mentioned that the high growth of the Indian economy has largely been driven by the private sector and invited the Australian Superfunds to invest in India.

Investment opportunities in various infrastructure projects such as industrial corridors, ports, smart cities, airports and railway projects were highlighted by him.

This was followed by further presentations by Invest-India and Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) on details of specific investment projects that Australian Superfunds may invest in.

The Minister delivered the “Leaders on Asia” address at the Asia Society, Australia, on the topic “India’s growth story: Opportunities for Australia”, to a hall packed with members of academia, government and business.

In his address Suresh Prabhu mentioned the sectors of knowledge based agriculture, services, education and manufacturing as the key areas of mutual cooperation between the India and Australia.