New Delhi, June 24 (KNN) Revitalised India-Australia CEO Forum held on Tuesday focused on identifying opportunities for and removing barriers to greater cooperation and economic partnership between the businesses of these two countries.

There was broad based recognition among the forum’s membership of the significant complementarities in the strengths of India and Australia and a strong desire to harness these towards substantially enhancing bilateral trade and investment.

The forum reaffirmed the importance of a high quality, mutually beneficial Australia-India Comprehensive Economic Cooperation Agreement (CECA) in driving this and called on both Governments to be bold and ambitious in their approach to the CECA.

Australian Minister for Trade and Investment, Andrew Robb emphasised that strengths of the two economies provide a solid base for an ambitious CECA that can deliver new market opportunities, enhance ways to do business, help drive growth, create new jobs and generate greater prosperity for India and Australia.

He also welcomed the prospect that the CECA outcomes will enable access to cheaper inputs and new technologies, and foster competition, investment and innovation in both countries.

Forum co-chair, Gautam Adani said cooperation between the two countries through complementary strengths will enhance two-way investment and timely government approvals in resources sector can play a strong role in facilitating this.

“We recognise that the resources sector remains central to development in both countries, and that competitively priced stable supplies of Australian minerals and resources contribute to India’s energy security,” he said.

Adani also welcomed governments’ commitment to closer cooperation on issues regarding mining, particularly in skills development and innovation, including a joint commitment to supporting the Indian School of Mines in Jharkhand.

Member CEOs highlighted the importance of investment in generating employment and economic growth. They encouraged expedited investment approval processes in both India and Australia.

The CEOs welcomed the Indian government’s introduction of legislation to support a single GST and its increase in Foreign Direct Investment (FDI) caps in the insurance, defence and railways sectors, urging all levels of government to embrace and implement economic and regulatory reforms.

The forum members agree that institutional investment has a vital role to play in facilitating infrastructure development in both countries and welcome the Union Budget 2015 commitment to increased government spending and a new National Investment and Infrastructure Fund to leverage private finance using government capital.

Members noted the mutual gains that can be delivered by appropriately configured private-public partnerships in infrastructure development. Indian investors would welcome greater support from Australian banks to invest in Australia and in India.

The forum also welcomed the Australian and Indian governments’ commitment to increase cooperation across schooling, higher education and the vocational education sectors. They also welcomed work regarding mutual recognition of qualification and natural movement of people – to encourage skilled labour mobility between our two countries. (KNN Bureau)